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For example: Are there special mortgages for first time buyers?
Most mortgages can be paid off early, and that information is found in your mortgage Note.
First, devise a checklist for the information from each lending institution. You should include the company's name and basic information, the type of mortgage, minimum down payment required, interest rate and points, closing costs, loan processing time, and whether prepayment is allowed.
Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable.
There are mortgage options now available that only require a down payment of 5% or less of the purchase price.
As a rule of thumb, most lenders ask for 30 to 45 days to receive approval from an underwriter for a loan.
Most loans have 4 parts which are abbreviated to PITI and sometimes PITIA if there is an Association such as a condo association fee or a homeowner association fee. The parts are defined as:
Delivering thorough and detailed documents to your lender is critical to loan approval by the underwriter. A list documents include:
An adjustable rate mortgage may make sense If you are confident that your income will increase steadily over the years or if you anticipate a move in the near future and aren't concerned about potential increases in interest rates.