5 Things You MUST Know, Before You Go Home Shopping

1. you get a "Pre-qualified" for your loan. Preferably, "Pre-Approved", banks, credit unions and mortgage brokers where to go for consultation and implementation. They will loan app., Processing, supporting documentation and issue their own pre-qual or pre-approval letter real estate agent present their offer to purchase the property.
   
2. You will need a down payment on the market today, down payment requirements may vary depending on your credit score and available funds for down and closing costs. Various government programs exist to help with the down payment if your income level to qualify, in the form of subsidies or other programs such as calHFA, California Housing Finance Agency. They use the zip code and area map grid to a list of properties that meet their specific criteria for down payment assistance. Our loan consultants can help you with this assistance and would be happy to explain the program for you!
   
3. If you have a limit (about mid-600-a) or bad credit, consult immediately with a knowledgeable loan specialist Pinnacle. You May be able to qualify for the FHA loan program or counselor can not recommend cost-effective way to raise your score in a short period of time. It is always best to start early - check your credit scores and updates were incorrectly reported misinformation that could be dragging down otherwise interfere with your result of its ability to acquire the optimal interest rates.
   
4. If you choose a mortgage with a fixed or adjustable rate? The answer to this question is actually very simple; How long do you plan on owning the property? Where interest rates seem to be trending the secondary issue of this decision. If rates are low and stable for now, you might want to consider 5 / 1 adjustable rate loans that have an initial fixed term of five years, then the next year can be adjusted up or down, depending on where the rates. But if you're in the majority, a figure on it at home at least for the next 7 years, low fixed rates may be the best way to go.
   
5. Why should I have to pay mortgage insurance? First of all, M.I. It protects the lenders interest in your home, and not, as is often misunderstood is to protect the home owner in the event of illness or job loss, etc. MI is a loan application for a loan with less than 20% down payment and remaining on the loan while the value from home and / or loan balance is reduced to 79.9% or below the current value of your home. Stay tuned Subscribe to this blog for upcoming tips and additional information for first time buyers or move-up buyers looking to become better informed about the process of home buying.