Mortgage – Searching for the Best Mortgage

• Lenders offer many options
• Find the best option for you
• Loan structure can result in large savings OR costs
• Most mortgages are 15 or 30 years
• Monthly payment amounts differ depending on the term you choose
• The shorter the term, the less you will pay for your house overall. However, your monthly payments will be higher. Your Loan Officer can help you decide which loan is best for you.

Principal + Interest + Taxes + Insurance = PITI

Your house payment may also include mortgage insurance and/or an association fee if required.

Down Payment

The difference between the purchase price and the amount of the loan is the down payment due at closing.

The larger the down payment, the less interest you will pay on the mortgage.

Shopping For a Lender

There are several benefits to working with a lender who retains the servicing of your loan after closing:

1. You’ll always know who to call about your mortgage or escrow account.
2. Because the lender knows you and your mortgage, they also know when changes to your mortgage account are most beneficial. Plus, the can often streamline the paperwork when it’s time to refinance or access your home’s equity.

Getting Pre-qualified and Pre-Approved

To pre-qualify, your Loan Officer will use financial information you provide to provide an estimate of the maximum mortgage you should be able to obtain. Even better, you can get pre-approved, which helps your negotiating power because the seller will know you are a serious buyer with financing secured.

• Preapproval Process
• Mortgage Checklist
• Mortgage Types
• How Much Can You Afford?
• Mortgage Calculator
• Applying for a Mortgage
• Know Before You Owe