Financing

Financing

The more you understand about Mortgages and how they word and the different types of programs the more likely you will be able to buy that home and save thousands in the process.

STEP 1
Get pre-approved for the amount you can afford. This will mean filling out a credit report, but it will also allow you to be shopping in the price range that works for you.  Instead of looking at homes that will disappoint you after you learn the price or even offer beyond your means, you can spend your time looking at homes that you can safely and quickly act on.

STEP 2
Take a closer look at your budget.  How much can you afford on a monthly payment and still have an enjoyable life?  Frequently people stretch too far and then end up paying for it in quality of life.  With all the the Washington and Greenville areas have to offer, make sure you leave some financial room instead of just working to pay that mortgage.

STEP 3
Educate yourself on the types of loans that are available.  There are many lenders in the Greenville area that would be happy to explain your available options.

STEP 4
Get a credit report.  You can do that easily.  It is FREE once a year at https://www.annualcreditreport.com.  By having your report you can also spot inaccuracies and ask to have them removed or make comments next to those "less than favorable" marks.

STEP 5
Shop around for the loan agent or broker that fits you and feels right to you.  There are lots to choose from and you want the one that you work well with and is willing to give you all the options and information you need to make an informed decision. While you're shopping for a loan, also look for the best loan costs. These may include:
• Interest rates
• Broker fees
• Points (each point is one percent of the amount you borrow)
• Prepayment penalties
• Loan term application fees
• Credit report fees
• Appraisal costs
Don't let hidden costs sneak up on you. Ask your lender for a written estimate.

STEP 6
Apply for the load and lock down your interest rate.  Rate change daily and you will want to get yours locked down.  You can request that the rate be locked down at the time of application and not the time of approval.
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