Obtaining financing to purchase a home includes a number of important factors. Lenders, banks and other sources for loans take into consideration a combination of items when determining whether or not to loan you money. They look at factors in your profile like:
• Current income
• Length of time at your job
• Debt-to-income ratio
• Past rent or mortgage payment history
• Your credit report
• Tax returns
• Down payment amount
• Months of reserve money
Your income level, debt and credit information will be used to pre-qualify you for an amount the lender thinks you can afford. However, a pre-qualification is different than a pre-approval. A pre-approval takes into account your credit report, the debt-to-income ratio and a more in-depth analysis of your financial situation. Once pre-approved, you will receive a pre-approval letter that can be provided to a seller with an offer.
Often the pre-approval process comes after homebuyers begin looking at homes, but a preapproval can provide a more definitive price range for your search and is best completed as a first step, or as early in the home buying process as possible.
There are benefits to obtaining a mortgage on your home. These benefits can help you decide if it is the right time for you to buy and provide other values, such as the mortgage interest deduction to offset income against your taxes or making mortgage payments as an investment into building your wealth.
Questions to ask a prospective loan officer may include:
• Are you licensed by the state?
• Whom do you represent (e.g., a bank, broker, finance company)?
• What are your loan programs? Do you offer VA loans (for example)?
• Can you estimate and explain your fees?
• Are you going to hold this loan or sell it?
• Do you have experience with borrowers in a similar situation to me?
• Is there someone I can talk to whenever I need to?
• How are you keeping my personal information secure?
• Do you sell my information?
• Could you estimate closing costs for my loan?
• What am I paying in points?
• What are my monthly payments?
• Do I need to pay private mortgage insurance (PMI?)
• Are there any prepayment penalties on this loan?
• For a reverse mortgage, who will I be working with after closing?
• Here’s my timeline. Are you certain you can get this done in time for closing?
Previous clients have used and would recommend:
Jeremy is a Loan Officer at Integrity Home Mortgage Corporation.
NMLS ID: 1829338
You can reach Jeremy at (540) 247-3632 or by visiting his website.
Bart is a Loan Officer at Movement Mortgage.
NMLS ID: 169216
You can reach Bart at (410) 570-5666 or by visiting his website.
Jake is a Loan Officer at Gold Star Mortgage Financial Group.
NMLS ID: 1483242
You can reach Jake at (540) 818-5709 or by visiting his website.