10 Key Factors To Know Before Applying For Mortgage

factors to know before applying for mortgage. First-time Homebuyers consulting a real estate broker.

(8) Seek A Pre-Approval

It is one of the most important factors to know before applying for mortgage. Getting a perfect mortgage with lower interest rates, reasonable down payment and other favorable terms & conditions is a multi-step & time-consuming process.

You should always seek a mortgage pre-approval from a trusted lender. Pre-approval process means that your lender has reviewed your credit profile.

It has also reviewed all supporting documents necessary to approve your mortgage on specified price range of housing contract. Your mortgage pre-approvals are considered good for 60-90 days.

(9) Sale Price Of House

It is one of the most common factors to know before applying for mortgage. Your mortgage is also impacted by the sale price of the house.

If the price of the house somehow exceeds your pre-approval limits then either you will have to make a larger down payment or ask the seller to accept a lower price offer.

A cheaper house makes a down payment quite easier resulting in lower monthly payments.

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1 Comment on 10 Key Factors To Know Before Applying For Mortgage

  1. Zequek Estrada // August 26, 2016 at 11:58 PM // Reply

    I greatly appreciate that specific number ranges were used for what is considered creditworthy when getting a loan. It’s kind of common knowledge that high credit is good. I had just wondered the specifics of what exactly that meant.

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