Buying a house is a big step. And applying for a mortgage is only the beginning. In this article, you'll learn why it's important to research mortgage lending in Catlin, Illinois. While there are numerous lenders that can qualify you for a homeloan, not all homeloans are created equally.
The Mortgage Terms Matter
Most homeowners get a 30-year mortgage at whatever the current interest rate is. Many borrowers don't question this type of setup. For example, they could get a 15-year loan and get out of debt that much sooner. But even for 30-year mortgages, there are lots of differences. Between VA, FHA, and conventional homeloans, you have several options to choose from. For example, sometimes you can lower the interest rate by prepaying points.
If you're flexible when it comes to your monthly payment amount, then it might make sense to take a look at the total amount you will pay over the life of the loan. Obviously, you don't want to pay more than you have to. Similarly, if you don't have a lot of money for a down payment, then you might want to look into VA or FHA.
Your Lender Works for You
Your mortgage lender is working for you. Therefore, they should do their best to help you qualify for the loan you want. But they should not try to get you to qualify for a bigger loan than you can afford. It's also helpful if your lender helps you find ways make the mortgage work foryou.
For most people, it's difficult to come up with a big down payment. In that case, a lender can help you find ways to make the loan work. You might also ask the seller to pay for some or all of the closing costs to reduce your out-of-pocket costs. If your credit score is the problem, your lender could point you in the right direction and advise you how to improve it, too.
Your Lender Should Be Responsive
Qualifying for a loan can take some time. But once you're pre-qualified and you made an offer on a home, you want things to progress quickly. Professionals in mortgage lending in Catlin Illinois should be able to close on your loan within 45 days or less. The longer it takes to close on the loan, the more impatient the seller will get. After all, they're responsible for mortgage payments until you sign on the dotted line.
For more information and details about First National Bank of Catlin, visit mortgage lending in Catlin Illinois today!