Calculate your monthly mortgage payment based on your specific scenario and loan options.
Calculate your monthly mortgage payment based on your specific scenario and loan options.
Calculate your monthly mortgage payment based on your specific scenario and loan options.
Calculate your monthly mortgage payment based on your specific scenario and loan options.
Selecting the right loan program for your situation is one of the most important factors in getting an affordable mortgage. Unfortunately, it’s also probably one of the least understood and least considered factor by most borrowers (and loan officers). Yes, loan officers.
That’s why it is critical for you to educate yourself on the various mortgage programs available to you. At the highest level you want to consider three key loan program categories:
Each of these categories can be mix and matched to create a multitude of options. Make sure you ask your loan officer about all of the loan options for which you might qualify.
Mortgage rates are the interest rates charged on a loan to purchase or refinance a residential home. These interest rates can be fixed or adjustable. They are determined by the lender in relation to correlated yields in the larger bond market.
Getting the right mortgage and a low rate is easier than you might think. Here are four simple steps to ensure you get the best mortgage rate available for your situation:
When picking a mortgage lender you are looking for experience and responsiveness. Most lenders have very similar loan programs and rates. However, an inexperienced loan officer or sloppy loan processing can cost you hundreds of dollars in fees and thousands of dollars over the life of your mortgage.
Make sure a mortgage lender that asks a lot of questions, seems sincerely interested in what you are trying to achieve and is responsive to all of your questions and requests. During the loan process, which typically takes less than 30 days, you should be in almost daily contact with your loan officer and processor (the person managing the documentation and qualification process).