Buying a home can be very stressful and time consuming. Adding to the stress can be qualifying for the mortgage loan. Everyone wants to know if they are getting the best possible rate, will the rates change and do they have the best company.
Mortgage companies have guidelines and laws they must follow to finance your loan. A smart consumer will get educated on the entire home buying process and seek out professional help when needed from a Realtor or finance officer. By selecting the right home loan for you, provides better home ownership, lower rates and less stress.
Mortgage Loan Options
FHA Loan: FHA stands for Federal Housing Administration. This is a branch of HUD or Housing and Urban Development, a government agency designed to make home ownership possible, fair and assist those in need. FHA loans are excellent for people who qualify and need assistance with a down payment or closing cost. Most mortgage lenders can get you a FHA loan if you qualify. This can insure you of a fair and locked interest rate for the entire term of your mortgage.
Features: Some of the great benefits of a FHA loan include, low down payment, low closing cost and easy credit qualifying. Your credit report needs to be free of negative activity for at least 2 years prior to qualify. This may not be set in stone, but is a guideline many lenders look at.
Tips
Before Buying or Refinancing
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Your Free
Mortgage Quote
Tip
1. Know your credit score. One credit report is not enough, check
with all 3 of the major reporting companies. Use
free websites like Fannie Mae, My Fico score to get valuable
information.
Tip 2. If
you are going to shop around for quotes, do so within a 12 day period
as this reduces the number of credit inquires (which can lower
your credit score). Inquires within a 12 day period count as
only one hit.
Tip 3. Find out what your
loan options are. Example: Fixed Rate, Adjustable Rate, Interest
Only.
Tip 4. Find a Realtor that
your comfortable with. A Realtor plays a big part in the home
buying process.
Tip 5. Ask
questions.
If you are unsure of something, ask. Unanswered questions can
cost you money.
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Your Free
Mortgage Quote
Read our free money saving tips and
learn how to reduce your interest rate, as well as reduce home buyers
stress.
