If you’re like most people, purchasing a home is probably one of the biggest investments you’ll ever make in your lifetime. If you’re considering buying a home, you’re likely aware of the complexity of the endeavor. Because of the numerous factors to consider when purchasing a home, it’s important to prepare as best you can. At American Residential Lending, we are dedicated to finding the loan that fits your individual needs.
You’ll likely have a lot of questions:
These are important questions that an experienced loan officer will tackle with you throughout the process. It starts with filling out a loan application, which provides basic information, including employment, current living situation, and what type of loan you are looking for.
Your loan officer will also pull your credit report, which shows your debts and credit score. These are vital factors in determining your credit worthiness, if you qualify, and for what amount you will qualify. This information will allow your loan officer to outline your options, after which you can discuss the benefits and drawbacks of different types of mortgages.
Do you want an adjustable-rate mortgage (ARM) or fixed? What is the term of the loan – ten years? Fifteen? Thirty? What if you are selling your current home at the same time?
Again, these are questions that your loan officer will help you answer. Each borrower and each mortgage is different, and it takes a knowledgeable mortgage professional to help you decide which loan product is right for you.