Here are some loan connected factors you may well want to consider:
- How many different offers you want to get from different lenders
- Research the type of loan you are interested in
- What will the closing costs be?
- Will you come across problems because you are self-employed?
- Understand what your monthly payment will be under different loan types
- Use online mortgage calculators to aid you in doing the loan math - there are many available online for free
- Contrast loan offers from different lenders for the same loan type
- Evaluate loan offers made on the same day since interest rates fluctuate from day to day
- Verify your credit report
- Correct any errors on your credit report prior to looking for refinancing
- Your neighborhood bank probably doesn't offer the best mortgage
- Make a decision on how long you expect to keep the property - you can fix the interest rate for this timeline
- There are new loan options such as 40 year mortgages or 50 year mortgages
- Is the mortgage adjustable?
- Does the loan have private mortgage insurance?
- Will you have to get a hard money loan if your mortgage is risky?
- Decide how much you can put down, and how your payment size will change with different down payments
- Will you need a co-borrower to help your loan?
- Can you use builder incentives to get upgrades on your new property?
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