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Mortgage Loan Consumer Question & Answers

Find a new home but before starting, you will need to ask yourself a few questions:

What type of home do you want?

Options include single-family homes, condominiums, co-ops and townhouses, depending on your price range and your need for space and property.

What are your needs in a home?
How many bedrooms will you need? Will you need a garage or basement? What are the Association guidelines, (if apply). What kind of schools are in the area? What are the crime statistics. You should consider all of these things and more before looking for a house.

Do you prefer a newly built home?
You may want the warranties and efficient construction of a newly built home, as well as your ability to customize things. On the other hand, you may find a good deal on a resale home, which may need to hire a handyman/contractor.

Will you use a real estate agent?
Many home buyers choose to work with a real estate agent to help find a home. The agent should have knowledge of the real estate market, price trends and neighborhood conditions in your area. The agent will help you shop for your home, tour properties and be your negotiator when negotiating the price.

How's your credit history?
Check your credit history before you apply for a mortgage and clear up any delinquencies and errors. Having a good credit history will help you save on your down payment, closing costs and most importantly the approval process.

What types of documentation will you need?
Gather the necessary documentation and paperwork ahead of time. This will save you a lot of stress and running back and forth. For a list of paperwork see "Preparations".

What will you need from a bank or mortgage loan company?
Before you go looking for a home, you may want to consider getting pre-qualified to reassure yourself that you will be financially able to obtain a mortgage. Getting pre-qualified can give you a significant advantage while you’re shopping for a home. Pre-qualifying gives you the maximum loan amount you can borrow and let's everyone know your a serious buyer!

When should you apply for a mortgage?
You can get a pre-qualified loan or when you have a firm agreement with the seller to purchase a specific property. The pre-qualified loan is the best way to go, you'll know just how much home you can afford before you start looking. And finally, at the latest, 60-90 days prior to the date you would like to move in. Lenders from across the country are waiting to compete for your business! So apply today and a mortgage professional in your state will contact you directly to give you their best home mortgage loan quote offer! Stop searching from bank to bank in search of the product that fits your needs or credit situation! We can help you obtain your dream home!