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What to Look for When Choosing a Home Loan

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Loan Officer Spotlight: What to Look for When Choosing a Home Loan

When choosing a home loan, you may feel overwhelmed… Should you choose a 7/1 ARM or get a fixed rate FHA loan, or what about a conforming Conventional loan, is that better?

These are just some of the questions that may be starting to pile up in your mind as you consider buying a house. Some of these terms may even be completely foreign to you. In any case, the best and safest decision is to talk to a seasoned and experienced Loan Officer, like myself. My entire career has been solely focused on finding the best loan scenario for home buyers like you.  We need to consider your income, lifestyle and credit standings. By evaluating your short term and long term financial goals, we will be able to determine which loan product and program will work best for your unique situation.

Additionally, after reviewing your down payment, income, credit score, and debts, we will have a better idea of what you will qualify for. Additionally, many people have some credit ‘baggage’ that may prevent them from qualifying for the best loan program. We can review your situation and provide you with a ‘Road map’ of actions you can take to improve your credit standing and get better loan terms.

No matter how you go about getting your loan, here are a few things to consider or ask your mortgage professional:

  • What is the interest rate for this program?

  • Are there thing we can do to imp[rove my rate

  • What is the loan term? (typically 15 or 30 years)

  • What are closing costs?

  • Does this program require Mortgage Insurance (MI)?

  • What is the required down payment?

  • What are my options if I don’t have the required down payment?

  • What will the monthly payment be?

  • Are there pre-payment penalties?

  • How long will it take to process the loan?

  • What might delay the loan from closing?

When choosing a mortgage, it’s important to not get in over your head. Generally, your mortgage payment should not be more than 25-30% of your monthly salary. It is also important to include property taxes, homeowners hazard insurance, HOA dues (if applicable), and mortgage insurance (if required).

There are many loan programs available today. Just because you don’t have ideal credit or enough money for a down payment, does not mean you can’t buy a home. Even if you have talked to another lender, you owe it to yourself to reach out to me or someone on my team. As Mortgage Bankers, we have more options to offer than even a bank can provide.

Again, we are always here to help.  Please reach out should you have any questions.

bert.carpenter.pngBert Carpenter

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