The actual process of applying for a mortgage may seem complicated but it’s actually very simple once you break it down. In a nutshell, you need to get pre-approved, make an offer, and complete the application. Kim and Shirley HANADEL can help you through the paper work, help you find the right mortgage broker, bank or finance company and answer all of your questions before you get started. A few common questions that many home buyers ask include:
How do I know if I can get a loan?
First, use the mortgage calculator to see how much your payments will be – then a good rule of thumb is to multiply 28% times your yearly household income and divide by 12 - your monthly mortgage payment should be equal or less than that amount; however, if your payment is over that amount Kim and Shirley may know some programs that will help you qualify. Next, contact Kim and Shirley to have her evaluate your loan potential. Kim and Shirley is a real estate professional with 35 years experience in the Tuckerton, NJ real estate market and she and knows what kind of mortgages the lenders are offering. Kim and Shirley can help you choose a lender with a program that might be right for you. If you are serious about purchasing a home, you should definately get pre-qualified for a loan. That means you go to a lender and apply for a mortgage before you actually start looking for a home. This will help you know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.
How do I find a lender?
Banks, savings and loan, credit unions, private mortgage companies and various state government lenders can finance a home with a loan. Shopping for a loan is like shopping for any other large purchase - you can save money if you take some time to look around for the best prices. Different lenders can offer quite different interest rates and loan fees; and as you know, a lower interest rate can make a big difference in how much home you can afford. Kim and Shirley is familiar with lenders in the Tuckerton NJ area and what types of mortgage products they are offering.
How do I know which mortgage is best for me?
There are many types of mortgages, and the more you know about them before you start, the better. Kim and Shirley will go over the advantages and disadvantages of the mortgage types such as fixed-rate and adjustable-rate mortgages, and WILL provide information about the various government mortgage programs.
