Mortgage Information to Purchase a Home
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If you're like most buyers, a home is one of the most expensive purchases you'll ever make, and you'll probably need some form of financing. There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price. I would be happy to refer you to some very good mortgage contacts I have in Vernon Rockville, or to help you in any other way I can to secure the best possible rate for your home purchase. In today's market, getting pre-qualified / pre-approved for a mortgage is essential. It will help you establish what your range is and most importantly, it will be crucial when it comes time to make an offer. Most sellers today require pre-qualification before even considering an offer.
A pre-qualification is a good way of finding out how much house you can afford. Based on information you provide regarding your income, debt, assets, etc an analysis is done based on averages. The main purpose of a pre-qualification is informational. The information is generally not verified.
A pre-approval is a good way of positioning to make a strong offer. Unlike the pre-qualification, in order to obtain a pre-approval, the lender will verify the information, likely run a credit report and follow a strict process. Thus when an offer is presented with a pre-approval letter it is a strong confidence builder for the seller that the prospective buyer will in fact we able to obtain the financing to take the offer to closing.
What lender to use is your choice. There are many options. I always recommend having a second opinion. As the market's leading Real Estate Brokerage, Prudential Connecticut Realty also offers the services of Connecticut Home Mortgage, a licensed Mortgage Banker / Lender. I can put you in contact with the local representative should that be of interest. You can also get more information at Connecticut Home Mortgage.
The best lender will depend on your specific situation, the type and location of the property and the incentive progras that might be available at the time of the transaction. Based on my experience I can provide additional suggestions as well so you can make the best choice among multiple options.
Contact Me, Phone Me 860-305-8967, Email Me for more information. |
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Use the mortgage calculators below to assist you in making some decisions around financing your new home.
Mortgage Qualification Calculator
This calculator will help you determine how much money you qualify to borrow. The results are informational only. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.
Mortgage Payment Calculator & Amortization Table
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.