Mortgage Loan
When you're buying a new property, while there may be plenty of funding options to choose from, there are still many things to consider. The best choice for you, may not be the best choice for your neighbor. Here is a list of things you might need to consider:
How long do you plan to own the property;
How much you can afford to borrow;
What is the condition of the housing market in your area and how quickly a purchase needs to be funded. Ideally you’d be able to pay cash, but most people find they will need a mortgage loan.
There are several sources for your home mortgage. Loans can come from individuals but most of the time they will come from local banks, state or national banks, credit unions or mortgage companies. Before you consult with a mortgage broker, you might want to start gathering documentation. Each lender is different, but you might need 6 months worth of paystubs, 3 years worth of W-2’s, 12 months of bank statements, current driver’s license and Social Security Card.
After you consult with a mortgage broker, learn the other aspects of your loan such as the time it’ll take to be approved and the interest rate and how long your rate lock will last. This is one of the most important decisions you’ll make in your life. As long as you do your due diligence, you’ll be enjoying your home in no time.