Your Inside Guide to Home Financing
The most important factor of financing is fully understanding the array of options available. Ask yourself the following questions as a guideline for determining your financing needs.
- How large a mortgage can I afford or am I comfortable with?
- How much of a down payment is required?
- What is the difference between prequalification, preapproval, and final approval?
- What interest rates are available and when should I secure my rate?
- What is mortgage insurance and is it required?
- What type of documentation will I need when applying for my loan?
- How do 15-year and 30-year terms compare per month and through the duration of the loan?
- What are points and is it required that I pay them?
- What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
- How much will my closing costs be?
- What is being "locked-in" mean? Is there a deadline as to when I have to make the decision?
- How long will the mortgage qualifying process and final approval take?
- What is required in a monthly mortgage payment?
- How much will my monthly payments be?
- When will I be making my first mortgage payment?
For answers to your financial needs please contact our finance partners.
