· Start by getting an idea of how much of a monthly payment you can handle by using online mortgage calculators, such as those found on your bank website, Realtor.com or Zillow.com
· Begin the mortgage pre-approval process by contacting a mortgage broker or retail lender (bank or online mortgage source)
· Understand that mortgage pre-approval isn’t a 100% guarantee your loan will go through—ask your mortgage provider what types of issues could arise
· Consider your options based on your own personal situation:
o Conventional (fixed rate mortgage in 15-, 20- or 30-year term)
o Adjustable Rate Mortgage (ARM) with a fluctuating interest rate tied to the U.S. Treasury Securities Index
o FHA Loan is a federally backed mortgage that requires only 3.5% down and can help those with less-than-stellar credit
o VA Loan features attractive rates and flexible terms for active military or veterans
o HUD184 Indian Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. It requires only 2.75% down.
o In-House Financing is offered typically by developers on new-construction homes
· Apply for pre-approval knowing it can help you be a more attractive buyer to the seller and speed up the closing process.
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