Q. Should I get pre-approved?
A. Most definitely! Sellers will take you more serious and you may be able to catch a better deal.
Q. How much money will I need?
A. There are no/low down payment loans available (0-3% down).
Q. How much are the closing costs?
A. Most sellers will pay a buyer's closing costs. (It is usually about 2% depending on the price of the home.)
Q. Can I use my VA benefits?
A. Yes you can! You will need no money down also.
Q. What are points and will they help me?
A. They definitely can. Points bring down the interest rate so you can afford more of a house for the same low payment.
Q. Do I have to pay PMI (Private Mortgage Insurance)?
A. Most lenders require 20% down to eliminate PMI. Some Have programs available between 5-10% down depending on the situation.
Q. Why do lenders' interest rates vary so much?
A. Some lenders make the interest rate attractive to get you to call. They will then tell you the fees they require to get that low rate.
Q. Is there a big difference between pre-qualify and pre-approved?
A. Most definitely! Pre-qualify means a quick bit of information over the phone. Pre-approved means the lender (bank or mortgage company) has all of your financial records and has sent it to the investor who is going to give you the loan.
Q. What price range can I afford?
A. Call Rachel at 219-865-2499 and she can tell you right over the phone! It's that simple.