Before you begin the thrilling process of finding a new home, it's a great idea to select an experienced mortgage company like Sun West Mortgage. By choosing your mortgage lender before you look you have the benefit of acquiring a pre-approval letter from your lender. This shows potential sellers you are serious and confirms the amount you can spend based on your income evaluation.
Getting a mortgage can seem overwhelming but finding the right lender can make all the difference. Here are two subjects you should research and discuss with your lender to get you started.
Types of Mortgages
There are many different types of mortgages. What type you should choose depends on quite a few factors. If you go with a 15-year mortgage you will be paying more monthly than if you choose a 30-year but the home is paid off in half the time. There are pros and cons to each kind of mortgage, so find the best mortgage company for you and have them walk you through your options.
A larger down payment means that you will be paying less each month, but not everyone can afford to put down 20% on a house. When you meet with the mortgage company, you should verify how much down payment is required. Be sure to start saving early so that you have the funds available when you are ready to buy.
Going through the lending process will take time, so be patient and prepared. Make sure you find a company you trust and are comfortable with to help get you from start to finish.