5 Things You MUST Know, Before You Go Home Shopping

you have to get "pre-qualified" for your loan. Preferably, "Pre-Approved", banks, credit unions and mortgage brokers where they go for consultation and implementation. They will loan app., Processing and documentation supporting the issuance of its pre-qual or pre-approval letter real estate agent representation of their offers to purchase real estate. You'll need a down payment on the market today, down payment requirements may vary depending on your credit score and available funds for down and closing costs. Various government programs exist to help with the down payment if your income level to qualify, in the form of subsidies or other programs such as calHFA, California Housing Finance Agency. They use the postal code and area of ​​a map grid to a list of properties that meet their specific criteria for down payment assistance. Our loan consultants can help you with this help and would be happy to explain the program for you! If you have a limit (around mid-600's) or bad credit, you should consult immediately with a knowledgeable loan specialist Pinnacle. You May be able to qualify for the FHA loan program or counselor can not recommend inexpensive way to raise your score in a short period of time. It is always best to start early - check your credit scores and updates were incorrectly reported misinformation that could be dragging down the other way interferes with your result of its ability to acquire the optimal interest rates. If you choose a mortgage with a fixed or adjustable rate? The answer to this question is actually very simple; How long do you plan on owning a property? And where the interest rates seem to be trending the secondary issue of this decision. If rates are low and stable for now, you might want to consider 5 / 1 adjustable rate loans have an initial fixed term of five years, then next year may be adjusted up or down, depending on where rates are in. But if you're in the majority and character to be at home at least for the next seven years, low fixed rate may be the best way to go. Why should I have to pay for mortgage insurance? First of all, M.I. It protects the lenders interest in your home, and not, as is often misunderstood is that the protection for home owners in the event of illness or job loss, etc. We the loan application for a loan with less than 20% down payment and remaining on the loan to value apartment and / or loan balance is reduced to 79.9% or below the current value of your home. Stay tuned for a subscription to this blog for upcoming tips and additional information for first time buyers or move-up buyers looking to become better informed about the process of home buying.