There are many reasons why you would want to work with a mortgage broker. First, a mortgage broker can process the mortgage application for you—saving you a lot of time and effort. Then they can also shop around for home loan rates and terms and help you choose the one that suits you best.
However, there are numerous mortgage brokers out there. So it's only reasonable to make sure that you work with one that has your best interests at heart. Not only that, but they also need to be knowledgeable about what they do.
To help you choose the right mortgage broker, here are 6 questions you can ask them:
There are many different kinds of mortgages, all with different rates, terms, and requirements. The most common ones are:
Although you can only choose one, you might be eligible for multiple mortgage types. A mortgage broker can help you understand your options and assist you in selecting the best one that suits your financial needs and situation.
The ideal down payment amount is 20% of the purchase price. This amount would save you from paying mortgage insurance. But if you can't put 20% down, the amount you need to give will depend on the type of mortgage you have. With conventional loans, you'll need 3-5% down; FHA loans at least 3.5% down; and for both USDA and VA loans, you'll have the option of not paying a down payment at all.
For those having trouble with providing a down payment, a Down Payment Assistance program might be an option for you. This program is great for first-time homebuyers, educators, civil servants, or those whose income is less than or equal to 140% of the state or county Average Median Income. For more information about down payment assistance requirements, visit this page.
Generally, the information that you need to provide for a mortgage application includes:
For more information on the details needed for a mortgage application, please contact us at (813) 284 - 4027.
Other than the down payment, there are other out-of-pocket expenses that you need to prepare for, including:
Generally speaking, a mortgage application process can take from 14 to 60 days. However, this depends on certain factors, such as the time it takes to get pre-approved, looking for a home, and getting an appraisal or inspection.