Getting a Mortgage

What Do I Need to Know Prior to Getting a Mortgage?

Applying for a home loan may feel overwhelming. We will make the process as easy as possible by providing you with everything you need to know prior to starting your application.

Know your credit score
Your credit score is very tightly tied to the interest rate you are able to obtain with a mortgage. The better the score, the better the rate you are able to get. It’s a good idea to not only know your credit score, but also to check your credit history for accuracy and to fix any of the errors prior to applying for a loan. You can read more about Understanding Your Credit Score to know exactly what is involved in calculating that number.

Calculate Your Additional Costs
You know how much you can afford for your down payment, but it’s also important to save enough for the extra costs associated with getting a mortgage. In addition to home inspection and appraisal costs, most of the extra costs to buying a home come from the closing costs. In some cases, you can negotiate for the seller to pay some or all of the closing costs. However, you should still have enough budgeted to cover the costs without seller assistance.

Determine What Type of Mortgage You Can Manage
We offer a variety of different mortgage products and mortgage types. From fixed or adjustable rate to 10, 15, 20, 25 or 30 year loan terms, we can help you determine which rate and term is right for your budget.

If you have more questions, contact us or get started today.