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The Mortgage Process
Securing an affordable home loan with fair terms requires understanding the types of loans available and then selecting the option that fits your budget and needs. It also requires determining how much house you can afford and getting your finances in order.
Often the cost of real estate financing is greater than the original purchase price of a home (after including interest and closing costs). Because financing is so important, buyers should have as much information as possible about mortgage options and costs. Your REALTOR® can provide you with mortgage information, discuss financing options and recommend loan sources – and may be able to help you find financing that suits your needs.
Read on for five steps about the mortgage process to get you started.
Finding A Mortgage That's Right For You
When considering a mortgage, you should shop just as carefully as you do for a car or anything else you buy. Getting the lowest possible rate and fees can save you many thousands of dollars over the life of the loan. Your REALTOR® can help you find responsible lenders that make fair and affordable loans.
Specialty Mortgages: Risks & Rewards
In high-priced housing markets, it can be difficult to afford a home. That’s why a growing number of home buyers are forgoing traditional fixed-rate mortgages and standard adjustable-rate mortgages and instead opting for a specialty mortgage that lets them “stretch” their income so they can qualify for a larger loan.
But before you choose one of these mortgages, make sure you understand the risks and how they work.
Specialty mortgages often begin with a low introductory interest rate or payment plan — a “teaser”— but the monthly mortgage payments are likely to increase a lot in the future. Some are “low documentation” mortgages that come with easier standards for qualifying, but also higher interest rates or higher fees. Some lenders will loan you 100 percent or more of the home’s value, but these mortgages can present a big financial risk if the value of the house drops.
Common types of Specialty Mortgages: