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| While many real estate agents use their understanding of home financing and loan options to “help” their clients, we at VARelocationPros concentrate on our area of expertise - helping our clients find and purchase the perfect home. Below, you’ll find information that will help to educate you on home financing. |
The Mortgage Bankers Association has put together an excellent site for researching home financing, including a section on home ownership and financing options at various stages of life. If you want to educate yourself on the “ins and outs” of home financing, then you should start with this site.
www.homeloanlearningcenter.com |
| Once you’ve investigated some of the financing possibilities, you will be ready to speak with a reputable lender. Here are some questions to ask. |
10 Questions to Ask Your Lender
Be sure you find a loan that fits your needs with these comprehensive questions. |
- What are the most popular mortgage loans you make? Why?
- Which type of mortgage plan do you think would best for us? Why?
- Are your rates, terms, fees, and closing costs negotiable?
- Will I have to buy private mortgage insurance? If so how much will
it cost and how long will it be required? NOTE: Private mortgage insurance
is usually required if you make less than a 20-percent downpayment,
but most lenders will let you discontinue the policy when you've acquired
a certain amount of equity by paying down the loan.
- Who will service the loan? Your bank or another company?
- What escrow requirements do you have?
- How long is your loan lock-in period (the time that the quoted interest
rate will be honored)? Will I be able to obtain a lower rate if they
drop during this period?
- How long will the loan approval process take?
- How long will it take to close the loan?
- Are there any charges or penalties for prepaying the loan?
This link will give you a good outline of questions that you
should ask prospective lenders.
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| Once you have chosen your lender, your next step is to set up an appointment to complete your loan application. In order to save yourself some time, here is a list of some items that you’ll need to take with you. |
| 10 Things a Lender Needs From You |
- W-2 forms or business tax return forms if you're self-employed for the last two or three years for every person signing the loan.
- Copies of at least one pay stub for every person signing the loan.
- Copies of two to four months of bank or credit union statements for
both checking and savings accounts.
- Copies of personal tax forms for the last two to three years.
- Copies of brokerage account statements for two to four months, as
well as a list of any other major assets of value, e.g., a boat, RV,
or stocks or bonds not held in a brokerage account.
- Copies of your most recent 401(k) or other retirement account statement.
- Documentation to verify additional income, such as child support or
a pension.
- Account numbers of all your credit cards and the amounts of any outstanding
balances.
- Lender, loan number, and amount owed on other installment loans, such
as student loans and car loans.
- Addresses where you have lived for the last five to seven years, with
names of landlords if appropriate.
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| Now that you’ve done your homework and are ready to meet
with potential lenders, we recommend that you contact at least
three of them. One lender that we highly recommend is Neil Phelan
of Royal Mortgage.
Neil treats his clients with the same high degree of professionalism
as we do. In addition to his professionalism, Neil offers a variety
of loan
programs to help find his clients the best financing possible.
Contact Neil at www.Royal-Mortgage.com. |
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