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Where should I shop for a mortgage?
Mortgages and home loans are available through banks, credit unions, savings and loans, insurance companies and mortgage bankers. In order to get the best deal, it is advisable to compare the loan programs and fees of several lenders. Those with a moderate income and a good credit report might want to look for lenders that offer first time buyer programs which usually offer lower payment plans. Comparisons of current mortgage rates and fees are readily available in the real estate sections of newspapers and on online mortgage websites.
Another option to consider is obtaining the services of an experienced mortgage broker who can easily target the best loan offer.
What is needed to process my loan?
- A W-2 form from the previous year
- One month's current pay stubs
- Checking and savings accounts information and other current liquid assets
- Current debt and associated monthly payment information, i.e.: credit card bills, car and/or student loans
- If you are self-employed, federal tax returns from the past two years
Which is better-a fixed or adjustable rate mortgage?
The best choice for the borrower relies on several factors, including interest rates, inflation, how long they are planning to stay in the home, personal financial goals, and the willingness to take risk.
What is the difference between the interest rate and the annual percentage rate?
The interest rate is the assigned rate issued to the mortgage loan. The interest on the borrower's monthly mortgage payment is determined by this rate. The annual percentage rate (APR) consists of your interest rate and any prepaid finance charges, reflecting the cost of the mortgage as a yearly rate.
Borrowers should use the APR as a comparison point when considering different types of mortgages.
What are points?
Points are a fee based on the percentage of the mortgage amount and are added on to the loan. These points are usually paid at the time of closing.
Borrowers may have the option to pay for more than the required points in order to lower the interest rate on the loan.
How much money will I need to bring to a closing?
This fee may vary depending on the type of mortgage and size of the loan. The borrower is provided with a "Good Faith Estimate" within three days of the application that provides details of the closing fees. Closing costs usually include an origination fee, points, appraisal fee, title search and insurance, survey, taxes, deed recording fee and credit report charge.
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