Do Your Homework When Looking For A Mortgage

A very important part of buying a home is finding the right lender and the right mortgage product. There are many different kinds of lending institutions, offering a wide range of loan packages. So it is important to do some research and shop around because what you don’t know could cost you.

In this regard, over the course of my career I have made some excellent contacts in the mortgage industry, so if you have any questions or if you would like me to refer one or more of them to you, please let me know.

Additionally, here are the Web addresses for sites that provide excellent descriptions of the loan process, different kinds of loans, and different kinds of lending institutions:

Ginnie Mae:http://www.ginniemae.gov/2_prequal/intro_questions.asp?Section=YPTH

Mortgage Bankers Association: http://www.mbaa.org/

National Association of Mortgage Brokers: http://www.namb.org/namb/Home_Buyers_Home.asp?SnID=356410355

Getting Pre-Qualified

Generally, it is recommended that home buyers get pre-qualified for a loan with a lender before searching for a home to purchase. That way you will have completely reliable information about what you can afford. Additionally, any offer that you make on a home will be taken much more seriously if you have been pre-qualified than if you haven’t.

Other good reasons to get pre-qualified include:

You can determine which loan program best fits your need and which programs you qualify for.
You’ll know exactly how much you are qualified for. This will enable you to focus your home search much more effectively saving you valuable time.
Your down payment, monthly payment and closing costs will be set so you can budget your money in advance.
If you are a first-time buyer, you may qualify for a special first-time buyer program which may allow you to afford more home for your money.

Please check back for more information as this page is under construction.