Getting A Mortgage

Getting a Mortgage

Securing a mortgage is the first step toward closing - and
moving day. Of course, if you're pre-qualified you are a step
ahead.

The mortgage application process can be confusing and
intimidating, especially to first time purchasers - but today's
market offers homebuyers more options than ever before.

Have Your Records Ready

Organizing your records ahead of time will help speed things
along when you're completing mortgage applications. Our
mortgage documentation checklist can help you keep track of
everything you need.

Shop For a Lender

There are many types of lenders in today's mortgage market -
review their loan terms to decide which offers the best
package for your needs. If you have credit problems or other
difficulties, look for a lender specializing in this type of loan.
Don't forget to check out online lenders as well.

Consider Loan Types and Terms

Today's mortgage market offers a bewildering array of
financing options and loan programs - each with different
rates, points, and amortization schedules. Consider the details
of each so you can select the one that best suits your needs.

Choose the Right Loan

After considering the various mortgage programs available it's
time to make your selection. Don't forget to review all
aspects of the loan, not just the interest rate - the points,
fees, and term can be just as important.

Watch Interest Rates

Keep an eye on interest rates during (and after) your
mortgage search. Many lenders offer the option of locking in
the interest rate before closing - a valuable alternative if
rates are rising.

Apply for Your Loan

Carefully complete each section of the application and provide
all of the documentation required by the lender along with the
loan application fee. Maintain frequent communication with
your loan representative - if you haven't heard anything
within 1-2 weeks call and ask about the status of your
application. Respond promptly to any requests for additional
information.