FACTS WHEN SEARCHING FOR THE BEST MORTGAGE
Principal + Interest + Taxes + Insurance = PITI
Your house payment may also include mortgage insurance and/or an association fee if required.
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:
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.