Mortgage Loan Resources for Homebuyers
So you’ve decided you want to buy a home, but where do you begin?
Before scoping out open houses or finding a realtor, it’s important that you first know what you can afford. This is where a credit union, bank, or mortgage loan officer can help.
In order to put an offer in on a home, many realtors will insist that you are pre-qualified — but pre-approval is even more powerful. A pre-qual is a loan estimate given by a lender based on personal financial information you provide. Pre-approval, however, is the next step after pre-qualification in which a lender dives deeper into your financial information and examines your creditworthiness. If you receive a pre-approval letter form a lender, it’s an offer to lend you a specific amount, but not a full commitment. Pre-approval letters are typically valid for 90 days, and they can give you an edge when it’s time to put an offer in on a house.
Even before you go in to speak with a mortgager, it’s helpful if you have a basic understanding of the different types of loans available (conventional, FHA, VA, etc.) and what is required of each of these loan types, whether it be PMI or MIP, both of which are types of mortgage insurance which will impact your monthly bill. For a full list of mortgage terms, head to consumerfinance.gov.
Another helpful online resource is mortgagecalculator.org, where you can calculate what your payments may look like, depending on your loan amount and the current interest rate. The site also provides financial advice on improving your credit, industry news, and more.
Lastly, you should do some research in your community to find out if there are any local funds or programs available to you, such as down payment assistance, homebuyer education resources, and more. If you’re in Tucson, check out the list below for housing support initiatives:
If you’re pre-qualified and ready to start your Tucson home search, contact me today!
Julia Van Valkenburg, REALTOR
OMNI Homes International
julia@buyselltucsonhomes.com
520-275-3514
Check out these homes available in the Tucson area.
