When buying a home you have many things to consider but one of the most important will be financing. Unless you just won the Mega Millions you will most likely need financing.  First time buyers have many questions and even if you have financed a home purchase before, rules change frequently.

Start this process PRIOR to looking for your new home. Sellers need to know that you can follow through on an offer, Realtors value their time by working with qualified buyers and you will be in a much stronger negotiating position if pre-approved. I always refer clients to local DFW area mortgage companies and brokers that I have worked with and trust. See the video below to learn why.

Local Mortgage vs. Internet

To get you thinking further, here are a few items to consider other than who will handle your mortgage. Once you have determined who you will use, be sure to ask questions.

  • What is pre-approved and pre-qualified?
  • How much will I need or should put down?
  • How will my credit score affect the financing and how can I improve it?
  • What is escrow?
  • What if I don’t want to escrow my taxes and insurance?
  • What can cause my payment to change?
  • What are prepaids?
  • Will my mortgage be sold?
  • What does APR mean?
  • What does Conventional, Jumbo, FHA, VA, Homepath,USDA, HUD, Fannie, Freddie mean?
  • Should I get a 15 yr, 20yr, 30yr or some other term of mortgage?
  • What is the minimum loan amount?
  • Should I get a fixed or adjustable mortgage?
  • Are there prepayment penalties?
  • What is the difference between making a payment in advance and paying extra principle?
  • What are these fees for?
  • What is PMI, can I avoid it or cancel it later?
  • What is the difference between closing and funding?
  • What is a CLUE report?
  • How does who I choose for property insurance affect me?

You will have other questions but that will get you started. Always check with your tax advisor before making a decision. Remember, buying a home is one of the biggest decisions you will ever make. Take some time to learn about the process, terminology and who you are working with.

While an on-line mortgage company may be fantastic,when I make one of the most important purchases in my life and one that affects my family, I want to look someone in the eye.  When you are pre-approved give me a call at 469-233-1234 so we can find your perfect home.

Get Started Today ——– Call Keith Laursen 469.233.1234

Information provided as a public service – Viewer should independently verify accuracy of all information

This should be disclaimer info
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