What to ask a lender when buying a home | Tip #1
If it’s your first time buying a home, or you’re looking for a new place to live, knowing the right questions to ask your lender will put you ahead of the game. ?
Here’s Tip #1 of this series and the 3 Top Questions you should ask a lender when buying a home:
☑️️ 1. How much home can I afford?
First things first. Learn how much home you can afford by pre-qualifying for a mortgage loan. This process involves providing your basic financial information to your lender. They will look at several factors such as your credit history and credit score, employment history, and the ratio of your monthly debt payments to your income in order to determine your loan amount.
☑️ 2. What type of loan do you recommend for me? Why?
There are various mortgage loans that you may find more suitable for you. For example, military veterans and first-time homebuyers may be eligible for special loan and/or down payment assistance programs.
☑️ 3. How much of a down payment do I need?
Depending on the type of mortgage loan you choose, this may vary. However, there are options available for you to put down as little as 3% Down…. In some situations No down payment at all! Yes! You heard me right!!!! Zero down payment!
Still not sure how to start? Send me a message and we’ll discuss further!