4 Stages to Secure the Right Mortgage Loan

by | Aug 11, 2015 | Financial Services

You don’t shop for a mortgage every day so whether you’re now scouring the market to purchase a new home or whether it’s refinancing that made you consider mortgage loan, make sure you don’t skip the following stages of the process. Stick to them if you’d like to be successful at it.

1. Identifying the Purpose of Loan

But didn’t I just said it’d be for refinancing or for buying a new property? Yes, I did. But thing is the type of property and what you intend to use it for are important determinants of the interest rate you’d  be receiving.  The best is for single-family properties being used for primary residence. Which means, if you’re not going to with either, you’d likely be charged a higher interest if not to put more money down initially. Plus, if you’d only be keeping the property for, say four years, then spending thousands for a longer period of time doesn’t make sense. Being clear on why you want a loan therefore is fundamental to you having the best mortgage.

2. Know Your Limitations

That’s another big blunder that most people make when considering a mortgage loan. Maryville residents can keep the “complicated” out of the whole process if they begin with a true assessment of what they can afford. It’s imperative that you factor in everything from your goals to your employment history and credit score. Do this exercise so you’d be save from embarrassment later when you’re delinquent with your payments.

There are different types of loans to cater to different scenarios; where lender guidelines are necessary to understanding what the program offers, realistically working your way to a pre-qualification for it makes a difference as well.

3. Save Money; Get a Competitive Quote

Just like the different products, contacting couple of mortgage lenders gives you an idea of what the agents have in mind; while getting in touch, filling a form and requesting quote online is generally preferred for how it gives you lot of info within short time, you can ask for the same over phone or in person too. You definitely don’t want to settle with the first one that comes your way. Interest rates vary not only with lenders but with time also so you might be giving up on a very good deal if you’re not doing the required homework or comparing an old quote with a new one.

[Note: Make sure you’re providing all of them with the same information regarding the size of your down payment, your credit, the type/use of property, location, etc. besides interviewing them and researching the company to avoid scams.]

4. Submit the Application

That’s not much of a tip on how to get a mortgage loan in Maryville. But for those who turn it in without verifying if it’s accompanied with all the required and accurate documentation, this might as well prove a heads-up so that it’s processed and completed in time.

Contact the Foothills Bank & Trust at 856-738-2222 for more consultation.

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