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What Is A Quick Mortgage Loan Checklist?

Here are some loan related factors you may want to consider:

  • consider how many different offers you want to get from different lenders
  • research the type of loan you are interested in
  • figure out what your monthly payment will be under different loan types
  • use online mortgage calculators to help you do the loan math – there are many available online for free
  • compare loan offers from different lenders for the same loan type
  • compare loan offers made on the same day because interest rates fluctuate from day to day
  • check out your credit report
  • resolve any errors on your credit report before you look to refinance
  • your neighborhood bank doesn’t necessarily have the best mortgage
  • decide 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
  • a prepayment penalty may get you a lower interest rate
  • is the mortgage adjustable
  • does the loan have private mortgage insurance
  • will you run into problems because you are self-employed
  • what will the closing costs be
  • will you have to get a hard money loan if your mortgage is difficult to do
  • decide how much you can put down, and how your payment size will change with different downpayments
  • 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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