Real Estate Financing

There are several different types of home loans. There are short-term fixed (2, 3, 5, 7 year fixed), long-term fixed (15, 30, 40 year fixed), adjustables, etc.

The main thing you need to know before applying for a home loan is what your long-term goals are. A good loan agent will be able to give you advice to help you reach those goals. That is their job! If your agent is not taking your goals into mind, then they should not be your agent!

Now, there are some things you can do to make the process a little easier and less painless. Like I said, the first thing you do should be to know your plans. Most people are not able to buy dream house as their first. That doesn't mean you will never be able to. It just means there is a process you will need to go through. Your first home is your investment on the way to your dreams. There is a reason why they call it a "starter home". It just starts you on the path to your goal.

The next thing to do is get your required documents together. Having your documents ready can make the process run a lot smoother and speed up the transaction. You will need your income documents: 2 most current pay stubs or 12 months bank statements, and your tax papers from the past 2 years. If you are retired you will need your award letter or pension stubs. If you receive social security or any other income from other sources bring the relative documents. If you are refinancing bring your most recent mortgage statement and a copy of your mortgage insurance.

Once you have that together call your agent to set up a meeting. He/She will be able to help you with reaching your goals! Each loan is different in it's own way. No agent can give you an accurate quote without knowing your income situation, credit history, and property information (if known). If an agent quotes anything to you without that information, they are just trying to "lure you in".

Please feel free to call today with any questions you may have without any obligation.