Buying – Applying for a Mortgage

 

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***GET A PREQUALIFICATION/PREAPPROVAL LETTER
BEFORE YOU START LOOKING FOR A HOME***

The First Things for you to Consider When Applying for a Mortgage:  Do you know what your credit score is?  This is an important factor:

  • It allows for how much you can borrow
  • It allows for you to get a better interest rate

Do you have money for a down payment?  Do you need to borrow money for a down payment?  If so, where can you go to get this?

Lenders:  Do you currently have a lender, or do you need to find one? 

Two questions your lender will want to know:

  1. Do you budget?
  2. Do you have a savings program?
  3. You will go through the application process, and the Lender will determine if you have the ability to pay the note

Definition of Mortgage Providers

  1. Mortgage Banker:
    1. Makes the loan
    2. Services the loan
    3. Wants mortgagor’s (your) future banking business (*retained services*)
  1. Mortgage Broker:
    1. Makes the loan
    2. May keep the loan or sell it to a third person
    3. May service the loan, but has no other services
    4. May service the loan for a period of time then “bundle” it with other loans and sell to a third party
tmcqueen@mainedge.com
 Call Terri (405) 250-9343