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6 Questions to Ask about Mortgages

Buying a home is one of the biggest financial commitments a person makes in his or her lifetime. Part of that process is having a mortgage. As you look to close on your home, make sure you talk to your mortgage lender. The more information you know, the better you will be prepared to finance your home. Here are 6 questions to ask about mortgages:

  1. What types of mortgages are available? Each mortgage lender is going to provide different mortgages. There is variety found in the rates, duration, and method of payment. A few of the more popular mortgages are: Federal Housing Authority (FHA) mortgages, Fixed-Rate Mortgages (FRMs), and Veterans Affairs (VA) mortgages.
  2. Which mortgage best suits me? By providing the lender with information on your finances: employment, credit, income, etc., he or she will be able to provide you with this answer. Not all mortgages will work for all people. There are specific qualifications. For example, you can only receive the Veterans Affairs (VA) mortgages if you are a veteran.
  3. What are the specifics of my mortgage? Good Faith Estimate (GFE) provides specifics on mortgages. By using this resource, you will be able to compare the mortgages offered by different lenders.
  4. When should I receive the HUD-1? The HUD-1 should be given to you when you are ready to close on a home. By law, you should receive it one day before closing.
  5. What paperwork should I have? You need to bring the documents you have on your income, assets, and credit history. You will also need to bring some type of personal identification.
  6. How long does an application take? There is no set time frame. Variables such as how quickly you have your documents in order, how busy your lender is, and how easily you can book other professionals (home inspectors, appraisers, ect.) will affect the time it takes. Expect anywhere from 2-3 weeks to 2-3 months.

Once you have discussed these questions with your lender, you are going to be more prepared for buying a home! Knowing the specifics should help keep you from having any financial surprises along the way!

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