Questions to Ask Before Purchasing a Home
Purchasing a home is one of life’s most important events. Your real estate agent will help you with their knowledge about properties, but for information regarding financing and home mortgages, you’ll need to talk with a mortgage company. When you meet with the mortgage company, it’s important to ask several questions before finalizing any home purchase.
Qualifying Factors for a Mortgage
Find out what requirements you must meet regarding your credit history, employment, liabilities and assets, and income. Your mortgagor will review all of your information to see if you qualify. They will also discuss different types of loans available to you, including government programs, such as FHA and VA, as well as first-time homebuyer loans.
Minimum Down Payment
The amount of money you have as a down payment will affect your monthly payments and also be a deciding factor if additional mortgage insurance is necessary.
Interest Rate Information
Interest rates can fluctuate from day to day and are dependent upon things such as your loan type, down payment, and credit scores. Ask your loan originator how your personal situation may affect the interest rate you will receive. It is possible to lock the interest rate for a specified amount of time.
It’s important to know if you will have any penalties should you pay the mortgage off early. You may be penalized if you reduce your principal, or refinance.
Trust our Experts
These are just a few of the important questions you should ask when meeting with a mortgage company. Although your real estate broker does not generally partake in mortgages, they can offer you some information if you’re unsure of appropriate questions to ask. It’s important to ask these questions to seasoned mortgage professionals, and you can trust the experts at Butler Mortgage. To speak with one of our experienced professionals and make a plan that best suits your needs, call us today at 407-931-3800.