Getting Answers To Mortgage Questions
One Of The First Mortgage Question To Be Answered Should Be “What Mortgage Can I Afford”
Getting a mortgage isn’t as easy as it used to be and many of our clients have mortgage questions as they start their Tucson home buying process. Many of our clients are buying their “perfect” home as a place to retire too. Frequently, they haven’t purchased a home in over 20 years and are unsure about today’s home financing process.
Clearly, one of the first mortgage questions to be answered is, “What mortgage amount can I afford?” Having the answer to this mortgage question is critical when buying a home in Arizona. The Residential Purchase Contract used to submit an offer to the seller of a home REQUIRES the buyer to be pre-qualified to buy the home.
This means the buyer needs to contact a mortgage lender and answer some questions in order to be pre-qualified.
Interest rates vary every week and the mortgage interest rate you pay will be in effect once you have an executed contract on the home you want to buy and the lender of choice has a “loan lock“.
Also, there are three types of mortgage lenders. Banks, Mortgage Banks, and Mortgage Brokers. So, another mortgage question is; “which of these three home financing options is best for me?”
Well, in this case, the answer is in the details. Rates are very similar across each of these three lenders. However, some are easier to work with and better at meeting the buyer’s timelines. Take time to understand how the mortgage lender works and will they commit to meeting your schedule.
Answers To Frequently Heard Mortgage Questions
The above information will hopefully answer many of the mortgage questions you may have. If it doesn’t, please contact us so that we may help you get the answers to your mortgage questions.
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