Dont Sign Up For A Mortgage Loan Before You Read This

Dont Sign Up For A Mortgage Loan Before You Read This

Image result for mortgage questions

The Easiest Way to Get A Mortgage In The World, Yet More than 95% of People Who Tried it SUCCEEDS, Why?


Thinking about getting a mortgage naturally prompts tons of questions. Don’t feel bad if it seems like there is a lot you don’t know.


Let’s get something straight, right out of the gate: Becoming a Homeowner is for EVERYONE.

What is a Mortgage?

A mortgage, or mortgage loan, is a legal agreement where a lender offers money to a borrower to purchase real estate in exchange for interest.

Are you looking for the best deal possible for your home loan? If so, you should get multiple offers from several lenders in a matter of minutes. Why minutes? Mortgage interest rates change constantly because they are affected by the prices of bonds and mortgage-backed securities (MBS), which are bought and sold like stocks.


When comparing mortgage programs, you should get the same information from each lender. 

  • Interest rate

  • Duration of interest rate (Does it adjust? When? By how much?)

  • Loan term (15-year, 30-year, etc.)

  • Lender fees and 3rd party charges

  • APR

  • Features like interest-only payments or prepayment penalties

  • Mortgage insurance or funding fees.


Buying a home is one of the BIGGEST purchase decisions you’ll ever make. But getting a mortgage loan doesn’t have to be difficult. Whether this is your first time applying for a home loan, or you’re buying a vacation home or investment property, you want to be prepared.


What do I need to know about home financing?

  • How much can I really afford?

  • The importance of your credit score

  • Can I get a better interest rate?

  • Is an FHA loan right for me?

How do I qualify for a loan?

Everyone is different. But it’s easy to find out what your personal home loan and mortgage rate parameters are. Lenders focus on these 5 things:

  1. Credit Score

  2. Household income

  3. Job History

  4. Cash reserves

  5. Down payment amount

How do I shop for a home loan?

Here’s how: if you take a look around the internet you’d notice that more than 63% of home buyers are applying for a home loan online.

Due to current mortgage rates constantly changing, the first home loan you’re offered may not be the best one. That’s why it really pays to shop around.

So how do you do that? It's easy! Check current rates online now (Get up to 5 free loan offers in minutes), check out lender reviews and ratings. Or, if you already have an offer, use the Mortgage Negotiator Tool to make sure you're getting the best deal.


LendingTree


*It’s a great first step to turn your dream home into a reality.


Image title

Image title

Disclosure: May receive compensation from the companies whose products we review. We are independently owned and the opinions expressed here are our own.



Jeremy Jacob Headshot
Author:
Phone: 225-505-1759
Dated: April 1st 2018
Views: 34,094
About Jeremy: After collegiate and professional basketball careers, Jeremy knew he wanted to move on to the next c...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

The 8 Tips to Listing YOUR HOME with Team Boudreaux - Are you thinking of listing your
Reauthorize the National Flood Insurance Program (NFIP) - Sell Your Home: Step-by
Build A Plan Of Action And Get Ready - Buying a home will probably rank
Why Do Agents Hold Open Houses - Why Do Agents Hold Open HousesSo I

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

eXp - Licensed by Louisiana Real Estate Commission
2900 Westfork Dr., Suite 401
Baton Rouge, LA
225-435-4937
0