How do I know which type of mortgage is best
for me?
There isn't a single, simple answer to this question.
The right type of mortgage for you depends on many different
factors: your current financial picture; how you expect your finances to
change; how long you intend to keep your house; and how comfortable you
are with your mortgage payment changing from time to time.
For example, a 15-year fixed-rate mortgage can save you many
thousands of dollars in interest payments over the life of the loan, but
your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower
monthly payment than a fixed-rate mortgage, but your payments could get
higher when the interest rate changes. The best way to find the
"right" answer is to discuss your finances, your plans and
financial prospects, with a loan professional at Landmark Mortgage and to go through e pre-qualification process.
Pre-qualifying is a process whereby a loan officer obtains
information about you, either over the telephone or face-to-face and
indicates the loan amount you can qualify for and the best type of loan to
meet your particular needs. The
loan officer will want to know information about your income and a list of
your debts. The lender, through a
series of calculations, will be able to determine the size of a loan you
qualify for based upon loans available in today’s market.
The term pre-qualified simply means that a mortgage or real estate
representative has examined your income to debt ratios...this does not
mean pre-approved. Pre-approval is
a step beyond pre-qualifying.
Pre-approved means that a mortgage or real estate professional has
examined, submitted and received acceptance on your financial capabilities
of qualifying for a mortgage based upon your income to debt ratio, loan
information, and credit profile. In
a pre-approval the credit part of the loan package is sent to the lender
and you get approved for a certain type of loan with a particular lender
before you have found or made an offer on a property.
Landmark Mortgage
specializes in assisting those individuals with obtaining a home
loan whether for purchase or refinance. In
most cases, we can advise you on the best approach and help you with your
specific loan requirements.
|
