Understanding the mortgage process

Whether this is a first home purchase or the tenth it is important to understand options as a homebuyer and to make sure to use quality professional help. While most are selective when choosing a real estate agent, many are not nearly so careful when it comes to a mortgage broker.

It’s equally important to understand the options available: Conventional Mortgage, FHA Mortgage, VA Loan, USDA Rural Housing Loan, Adjustable Rate Mortgage (ARM), and 203k Rehab Loan are some of the more common ones.

Finally, as all financial situations are different, it’s imperative to get a clear understanding of:

  • Amount borrowed
  • Term of loan
  • Interest rate
  • Down payment
  • Loan program

Getting a clear picture of terms and options before beginning can ease plenty of the stress later on.

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