WHAT TYPE OF LOAN IS BEST?
There are many variables to consider when choosing a mortgage loan. To figure out what loan program will be best suited for your needs, you will need to talk with a local mortgage professional for guidance in weighing the many different options. Your income, job history, and credit rating can determine what programs are available to you. Also other considerations such as how long you plan to be in the home can also be important factors. Your lender can help assist you with these important mortgage questions and can help you becore familiar with the following mortgage definitions:
Interest Rate, Adjustable Rate Mortgage (ARM), Points, Conventional Mortgage, FHA, Interest Only Mortgage, Mortgage Industry Conditions, Fixed Rate Mortgage, Down Payment, Mortgage Term, Jumbo Mortgage, Balloon Mortgage, Pre-Payment Penalty
Until You Close on a Mortgage Loan...
* Do NOT change jobs, become self-employed or quit your current job!
* Do NOT buy a car, truck, boat or RV!
* Do NOT use your credit cards excessively or miss payments!
* Do NOT transfer balances or open new credit cards!
* Do NOT pay off any credit cards or other revolving debts!
* Do NOT spend money set aside for closing costs!
* Do NOT withhold debts or liabilities from your loan application!
* Do NOT open new credit accounts to buy new furniture, etc!
* Do NOT make any inquiries into your credit!
* Do NOT make large deposits or withdrawals from your accounts!
* Do NOT change banking accounts or co-sign loans for anyone!