SHOPPING FOR A MORTGAGE
How To Get A Mortgage At The Best Rate You Can
So you want to buy a house! Congratulations on taking this major step in your life. Since you probably don't have a spare couple hundred thousand dollars lying around with which to buy your new home, you are going to have to get a Home Mortgage. This can be either a Fixed Rate Mortgage or an ARM or Adjustable Rate Mortgage, which is usually at a lower rate and therefore easier to qualify for.
Before you go house-hunting, we recommend that you "pre qualify" for a loan. This way you will know beforehand the price range you can afford, and you will avoid the disappointment of falling in love with a house, only to find that you cannot get a mortgage to cover the cost. And with a pre-qualified loan amount, you are pretty well assured of getting a loan to buy your house, because a lot of the steps of getting a mortgage will have already been done during the pre qualification process. Your realtor will know you are a serious buyer, and there should be no unpleasant surprises during the period before closing on the loan, at least not financially.
Major Mortgage Companies and What They Offer
Lending Tree: Online application form; lenders will compete for you; up to 4 real offers in minutes; customer support via phone, chat or email.
Paramount Equity: Services home mortgages as well as home equity loans and home refinancing. If you apply online, you will be contacted by an agent within 48 hours of submitting the application.
E-Loans: Apply online or through a toll free phone number. Does mortgages and refinancing.
Ameriquest: Apply online, handles mortgages as well as refinance and home improvement, and even debt consolidation loans. Also has links to helpful articles to prepare you for the application process.
ABN-AMRO Mortgage: New mortgages, refinancing, home equity. Supports online applications, also has toll free number and loan consultants ready to assist you.
GMAC Mortgage: Apply online or via a toll free number. Website also gives links to information on the types of loans available and their qualifications.
Your Loan: What Happens Next
Your loan amount and often your interest rate is based on your income, income to debt ratio, other assets, credit rating, employment, etc. Whether you apply online or have a "live" person assist you, be prepared to disclose your annual income, your other assets (cars, boats, stocks, for example), outstanding debts including alimony and child support, whether you've had any bankruptcy or other judgments against you, and so forth. Some applications will also ask about your down payment, where you are looking to buy, if you have already picked out a home, and other similar questions. The more completely you can answer these questions, the better they are able to serve you. Before closing on the loan, you will need to provide documentation to back up the figures you've given to pre qualify. Documentation includes bank statements, W2 Forms, pay stubs, tax returns, and anything else that proves what you are saying about your financial status. Your loan processor will tell you what he needs from you.
Once you have a dollar amount to work with, you can go house-hunting with the assurance that the house you finally choose should be yours in a relatively short period of time. With mortgage processing in the works or completed before you put an offer on your new home, you can be in your new home much sooner than you think.
Getting the first time home mortgage lone can be a zoo at times but the good news is that the competitive mortgage and loan market is welcoming the new home mortgage buyers very warmly. In the recent past mortgage business has developed very quickly. To be a successful mortgage business man you must know that generating leads is the excellent way to get your business really flying. Another success source in this business can be personal financing as it can be offered just by obtaining the brokerage of a financial institution or bank.