Financing Strategies

Financing Strategies

• There are so many types of mortgage loans available today, how do I know which one is best for me?
• How can I figure out how much I can afford to pay for a new home?
• I'm concerned I might not have saved enough money for the down payment. What can I do?
• What is the difference between loan pre-approval and pre-qualification? Which is more beneficial?
• My credit rating isn't so good. Is there anything I can do?
• When is it a good idea to look for an assumption?

Shopping For A Lender

• How should I go about looking for a mortgage broker?
• Are there any questions I should be sure to ask a potential lender?
• What do lenders look for in borrowers?
• Is it true VA loans are easier to get these days?
• Can you tell me about recent lending regulations that might help me find a lender?

Selecting A Loan

• Can you tell me some things I should consider when shopping for a loan?
• What happens if we get near closing on my new house, but my old house hasn't sold?
• I've found the house I want, but it needs a lot of repair. Can I borrow money for both the mortgage and the repair?
• What are some creative loan options I might want to consider?

Applying For A Mortgage

• What practical steps can I take to improve my chances of getting a loan?
• Timing seems to be critical. Should I wait until interest rates drop?
• Will I have to get mortgage insurance?
• What, exactly is escrow?
• What does it mean to be an A, B, C or D borrower?
• What can you tell me about the debt-to-income ratio lenders use to qualify borrowers?

Loan Processing

• Will I be able to find out the results of the appraisal?
• If the price we offer on a house is higher than the appraisal, can we get our deposit money back if the loan falls through?
• What is a two-step mortage?
• How does a 'no-cost loan' work?
• What do you advise in the event I'm turned down for a mortgage?
• How strict are lenders when it comes to credit standing?

Closing

• How much money should I plan to take to settlement?
• Once set, are settlement dates irrevocable?
• What can I do to prepare for a smooth settlement?
• What are my responsibilities before settlement, and what are the seller's responsiblities?
• What are the ways to hold title to a property?
• Why do lenders want a survey before settlement?

Special Topics

• Can you give me some help with understanding financing terms?
• Are FHA loans really assumable these days"
• When unmarried people buy a home together, what is the best way to hold title?
• What can you tell me about equity-sharing?