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| Home Mortgage Loans |
When you are looking to get any
kind of home mortgage loans you'll need to be able to explain what you need
that loan for when you are talking to a mortgage banker. This sounds like it is
such a no-brainier, however, you would be surprised to find out what some people
tell the banker when applying for that loan. Bankers are not stupid, so you
need carefully prepare for the meeting and know the honest answers to any questions
you are likely to be asked.
The first you need to do is
clearly identify what the proceeds of that loan are for :
Is it to purchase a house? That
is usually what home mortgage loans are for. (We have to start somewhere!) How
much can you tell them about the house? Do you already know what the house is
worth? Do you know what the sellers are asking for the property? Have you
already made an offer? Do you know what you are going to do with the house? (a
residence or rental?) What amount of monthly payment can you pay for the loan?
Do you have the listing of all of your income and expenses handy? Has there
been an appraisal done on the house?
Is the loan to refinance your own
home? Are you looking to get any additional money out of the loan? What is the
purpose for that extra money? Home mortgage loans are an easy way to get extra
money for all kinds of things such as: remodeling your home, it can take care
of many other different financial dealings such as kids going to college,
medical bills that just can't wait, etc. Tell the banker, or lender, what the
extra money is for.
The type of home loans that are
available will have many different prices ranges, or interest rates, depending
on what the money is actually going to be used for. That is why it is always a
good policy to be honest with the lender. They will have found out, anyway, so
start off with a good reputation, and go from there. The last decade or so has
been a good time for interest rates. The rates, at the time of this writing are
hovering around the 3 - 5 % mark. That can be a very good rate depending on
your credit.
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