Hurrah! You’ve found your dream home — now it’s time to pay for it.
Like housing counselors and real estate professionals, lenders are an important part of your team. They will help you understand your mortgage options, terms, closing costs, and more.
You should interview a few lenders before deciding who to finance your home purchase with. The process of comparing lenders will further educate you and make you feel confident with your decision — after all, this is likely one of the biggest purchases you'll ever make. Not to mention, the homebuying lingo can be overwhelming, so it's important you trust your lender and feel comfortable asking questions.
After you complete a loan application with each lender, they are required to provide you with a Loan Estimate within 3 business days. When reviewing the Loan Estimates from different lenders, look at the total loan costs, the Annual Percentage Rate and the Total Interest Percentage to compare all costs.
This will help you determine who is offering you the best option.
Once you select your lender, they will:
- Work with you to complete your mortgage loan application.
- Evaluate your credit, financial, employment and personal information to determine how much you are qualified to borrow.
- Educate you on the different mortgage options, rates, points and general mortgage terms.
- Help you find the mortgage financing option that meets your financial capacity and personal goals.
- Keep track of all activities throughout the loan approval process and keep you informed of key changes.
- Provide you with the necessary documents before closing, including the Loan Estimate and Closing Disclosure, to help you understand all costs and terms before signing.
What Home Means to Me
"Buying our first home has allowed us the opportunity to create a home base away from military life where our space can be an expression of our creativity."
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