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Important Questions To Ask Your Mortgage Broker Before You Sign Any Of Their Documents


1.  Do you have a variety of loan programs to fit my cash flow and expected length of ownership needs?

The amount of money that you have to contribute towards your downpayment will play a big role in which loan program will work best for you.  There are many loan programs available.  Some require no downpayment, however, the guidelines may require you to purchase a property in a rural area, or qualify for additional grants.    FHA loans are a great option for a first time homebuyer.  FHA currently requires 3.5  for the downpayment, as of this date,  and they will allow that amount to be “gifted” to you from a family member or friend.

How long you plan to live in your home will help to determine whether an adjustable rate mortgage or “ARM” would be best for you, or a fixed rate mortgage.

Your Mortgage Broker will be able to help you determine which loan is best for you based on your individual circumstances.

2.  Do you offer written mortgage pre-approvals, not just pre-qualifications?

A “pre-qualification” is usually a Mortgage Broker’s opinion of your eligibility for a loan.   If you ask to be pre-approved, the Mortgage Broker will actually submit your job and credit history to an underwriter and get a conditional approval for a loan and a loan commitment.

The advantage of having a pre-approval is that it will make your offer to buy a home stronger and it will usually allow you to close on the home faster.

3.   Do you have the ability to handle difficult credit history?

Many Mortgage Brokers will only work with you if you have perfect credit, and if a problem comes up, they won’t help you.

Make sure your Mortgage Broker has reviewed and received approval for you and your specific credit history

4.  Is the rate that you quoted me the rate I will get at closing?

Many Lenders advertise their rates in the paper, on the internet or radio,  and in homes magazines.  These are what are called “Teaser Rates” in the industry.  The name says it all.

After they’ve got you committed to using them, many Lenders then tell you what the “real” rate will be.  By this time, it’s too late for you to do anything about it.

Consider using a local Mortgage Company with an actual “brick and mortar” office.  Salem is home to many great Mortgage Brokers who are happy to have you come in and meet them in person.  This allows you to sit down with the Mortgage Broker and ask all of the questions that you may have about obtaining a home loan.  Many of these Mortgage Brokers will actually attend the closing where you will be signing your loan documents in case you have last minute questions.

If you are in need of a recommendation for a great Mortgage Broker that will work to get you the best loan possible,  give me a call at 503-931-1846.  I would be happy to provide you with local referrals of trusted Mortgage Brokers that I work with.

If you would like additional information on buying or selling a home, please visit my website, or give me a call at 503-931-1846.

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