![]() ![]() Your Trusted PartnerĪt Arthur State Bank, we will work closely with you to help you find the right mortgage for your needs. Once you’re preapproved, look for a home that fits your budget. Once you’ve reviewed all your loan estimates, choose a lender and get preapproved. Carefully review your estimate and ask your lender any additional questions you have. The lender will provide you with the loan estimate. If you feel comfortable with the prospective lender, complete a loan application. How long will it take for me to get a decision on my mortgage loan application?.What is Private Mortgage Insurance (PMI) and how will it impact my mortgage payment?.If it’s adjustable, how often does it adjust?.Is the interest rate fixed or adjustable?.What is the requirement for a down payment?.What to Ask Your Lenderĭon’t be afraid to ask your lender any questions that you might have. For example, at Arthur State Bank, we’ve worked with thousands of homebuyers of all types over the course of our 86-year history. Look for a lender that has worked with other first-time homebuyers in South Carolina. Be sure to compare all of the information before you make your decision to apply for a mortgage. While interest rate is important, there are a lot of other variables that impact your ability to be approved for a mortgage as well as the total monthly mortgage and lifetime cost of the loan. If you’re feeling pushed to commit to anything, consider taking your business elsewhere. They will be happy to give you information in writing and giving you time to think about whether you want to move forward. A good loan officer will work with you to connect you with a mortgage that meets your financial needs. Applying for new credit also shows up as an inquiry on your credit report, which lowers your credit score. Unfortunately, this could impact your debt-to-income ratio, which is the total amount of debt you have as compared to your income. Taking out personal loans or getting a credit card may seem like a good way to handle the expenses involved with buying a home. With that in mind, though, there are some things to avoid when you’re shopping for a mortgage. Everyone has different needs, and the mortgage that was right for your parents might not be right for you. When it comes to mortgages, there is no one-size-fits-all solution. ![]() Once you completed the steps, you’re ready to start talking to lenders.
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