It's no secret that you'll pay an enormous amount of interest on your mortgage over the years. But a 15 year loan can save you a bundle over the years with a moderate increase in the monthly payment. For example, the payment on a $100,000 loan at 8% would increase only $220/month.
the Deal Securing a mortgage
is the first step toward closing - and moving day. Of course, if you're
pre-qualified you are a step ahead.
Getting a Mortgage
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.
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
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.
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.
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
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.
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