Things To Know Before Approaching A Mortgage Lender

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Introduction

• If youre searching for a home online, then
  youre on the right track.
• Its fun to look for homes online and go to those
  open houses than to research about the home
  loans.
• While hunting for a house, youll find many
  wonderful homes.
• However, its the high price of the house that
  stops you from buying.

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• When it comes to home loans, many people do not
  know where to start from.
• Some home buyers dont look for a mortgage
  lender.
• Look for mortgage lenders and stick to the one
  who can understand your requirements well.
• Before selecting a mortgage lender, you should
  ask some important questions to know more about
  vital information.

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Lets look at some questions you
should ask.

• 1. Ask a lender about the process for
  pre-approval and closing
• Ensure the timelines of the lender that is
  aligned with your home purchasing goals.
• Know when they will consider your credit score.
• During that time, dont open or close any
  accounts or use your credit for any purchase.
• Its better that you should read your own credit
  score first to review for any issues so that it
  doesnt negatively impact your credit score.

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• Know the expiry of the pre-approval.
• Know the lenders closing process and where it is
  going to take place.
• Will they work at a particular law office or will
  it take place in their home?
• Some lenders can close mortgage loans online or
  in your home.

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• 2. Ask how the communication will take place
  with homebuyers
• Know everything about the mortgage loan.
• Know how they will handle your loan process and
  all the required steps.
• Ask whether youll get an account representative
  who will inform you about all the updates?
• Ask whether youll get an online system for
  notifications?
• Know how you would communicate and what works for
  your schedule.

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• 3. Ask what will be your down payment requirement
• Your minimum down payment will depend upon the
  type of loan. Ask the lender about how much you
  can put down and your goals for a monthly
  payment.
• If youre a member of the military, you can
  select VA loans, which offer zero percent down.
• Ask the lender whether they can help you
  participate in any down payment assistance
  programs. There are several homeownership
  programs available that can help you save on your
  down payment and closing costs. State and local
  housing agencies administer a variety of
  programs. They approve lenders who can issue
  loans with those programs.

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• You should find out the low down payment programs
  and accompanying down payment assistance programs
  that lenders can offer. Look for programs
  available in your market and talk to your lender
  and realtor.
• Dont forget to ask about the Interest Rate and
  Annual Percentage Rate. The annual percentage
  rate (APR) is created by a complex calculation
  that covers the interest rate and lender fees
  divided by the loans term.
• Ensure that lenders compute APR correctly. Ask
  about interest rate adjustment frequency, the
  maximum annual adjustment, the highest
  rate, index, and margin.

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• 4. Ask about the discount points and
  origination fees
• Some lenders charge origination fees along with
  the points.
• The more points you pay, lower the interest rate.
  
• Points are also tax deductible.
• The important question you should ask - is there
  anything that could delay your closing?

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• Purchasing a home is a complex process that
  involves many stages and requirements.
• The delays are common the best ways to get rid
  of them is by talking to your lender and by
  providing the updated documents as quickly as
  possible.
• Along with your pre-qualification, submit
  additional information for review and approval.

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• 5. Ask how you can qualify for a loan
• A lender looks at many factors to qualify you for
  a mortgage.
• Your credit score, financial history, current
  earnings, and savings matters.
• Mortgage lenders look at how much debt you have
  compared to how much you earn.
• Ask as many questions as possible or clarify all
  your doubts before you take the loan.
• Read more https//www.drewmortgage.com/questio
  ns-to-ask-before-selecting-mortgage-lender/

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• If youre looking for a mortgage lender in MA,
  Drew Mortgage Associates, Inc. can help. Drew
  Mortgage Associates, Inc. is a mortgage company
  in MA that can provide mortgage loans at a lower
  interest rate.

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DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]
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