My husband and I are going to the bank to apply for a home loan. Any advice?

Question

Is there anything I need to know? What do I need to be prepared for? It is our first home.

Answer 1

I am assuming you'll actually talk with someone when you go to the bank. In which case:

1) Make sure that your credit report has no funny stuff in there. (Credit cards you did not open, cars you did not buy, etc.)

2) Ask the loan officer these questions (listed in no particular order):

a) What will be the rate of interest?
b) Will there be a prepayment penalty?
c) Will the interest rate be variable or fixed? If variable, how often can it change.
d) What will be your approximate monthly payment?
e) What would be the life of your loan? (in years)
f) What happens if you refinance the loan?
g) What happens if you sell your house?
h) Are you qualified for any special offers? (sometimes, the higher your credit rating, the lower the interest rate and other terms you can get)

There are a bunch of other questions depending on your status and your particular situation. But those are the very basic things you should ask.

Answer 2

What you're searching for isn't an fairness mortgage, yet purely an unique mortgage. and that i thoroughly understand why you've been having problem looking a lender if you're in person-friendly words searching to borrow a small quantity of money mixed with your unfavorable credit. Banks opt to make their loans nicely worth even as to them so seek for debtors to need a minimum of $50-60k. besides the undeniable fact that the strong information is that it is not no longer accessible to discover what you're searching for, you're merely no longer going to discover it on the internet. you want to sit down with between the large close by banks on your city. I advise this broadly speaking because large banks tend to be approved for authorities insured loans and that's in all probability the finest direction in the direction of your purpose. yet when it really is a second homestead, you may have some problem. if that's the case it would make extra experience to take the fairness mortgage out of your modern-day homestead particularly or merely promote it, yet preserve occupancy until eventually your different homestead is in perfect situation.

Answer 3

Smile.

They'll just ask you for your credit information, your plans, what kind of down payment you're comfortable with. Within a couple of days, they'll come back with some recomendations of what they can do for you. If you're happy with that, great. If not, work with a mortgage broker instead of a banker. A good mortgage broker will have access to a lot of other kinds of programs that may get you all you are after.

Enjoy the moment. :)

Answer 4

Great question ... and cudos for asking before you walk in the door. Put yourself in the loan officer's shoes and be prepared. Have copies of paystubs, bank accounts, tax returns, and details on debts.

Answer 5

1. your interest rate
2. how much are they charging you for the closing
3. if they are hitting you with any points and how many
4. is the interest rate fixed or not
5. any deals for refinancing later?
6. how much are you putting as a down payment and your escrow account info
7. are you setting up your payment to be mailed monthly or biweekly. A lot of people prefer it bi weekly depending on how they get paid.
8. Re-check all the info that you find out, before you sign your closing papers.
Best wishes

Answer 6

Talk to the loan officer before you go for the application and ask what documents he/she needs you to bring. This will speed up your application and make it a more pleasant experience. Good luck! :-)

Answer 7

the interest rate, rate different for 5 yrs, 15 yrs or 30 yrs
provide the your pay check to prove your income

Answer 8

good luck! be ready for credit checks on both of you, have your bills paid up and a hefty downpayment will help secure that loan

Answer 9

Know your credit score!!! Thats a huge factor!

Answer 10

Get a Snickers! Gonna be a while.