Step1, Pre-consideration | Step2, Finance/Qualification | Step3, Purchase/Closing | Home

Step2, Finance / Qualification

1. Questions the Lender will Ask : Now you can prepare
2. Different Loan Options : You have choices
3. Pre-qualification, Pre-approval : The best way
4. Interest Rates? : Information you should know
5. Mortgage Calculator : How much can you afford?
6. Explain Title Insurance : You might need this

3. Pre-qualification, Pre-approval : The best way

> Pre-Approved Loans

Obtaining a Pre-Approved Mortgage

Why go house hunting only to find that you don't qualify for a mortgage on the dream home you've found? Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest-rate increases while you look for your new home.

Once you've done your homework and shopped for the best rate, meet with the loans officer to arrange a pre-approved mortgage and discuss the features you're looking for to tailor payments to your needs. It could take a few days, but give your lending institution about two weeks. It will eliminate potential headaches down the road.

Pre-Approved Mortgage Features to Look For

1. Competitive interest rates. You may be willing to pay a little more to get the flexible features you desire.
2. A 90-day rate guarantee. This will protect you against rising interest rates while allowing you to take advantage of falling rates.
3. Flexible payment options. These enable you to tailor the mortgage to your lifestyle. Discuss payment frequency and lump-sum payment options. Find out if your lending institution will allow you to skip a payment in special circumstances or double-up on your payments.
4. Closing Costs: ask about the lender's policy with respect to realty tax holdbacks on closing.