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Questions You Should Ask Before Filling Out a Mortgage Application

Questions You Should Ask Before Filling Out a Mortgage Application

Few people can pay for a home with cash and therefore most people are looking to take out a mortgage to pay for the rest of their house. There is a wide variety of factors that people need to consider before filling out a mortgage application and this process starts by asking the right questions. With this goal in mind, here are some of the questions that everyone should ask.

Where is the Home I'm Purchasing?

The most important factor involved in purchasing a home is the price of the home. This is going to be the overall dictating factor of the entire mortgage process. The most important factor in the price of a home is the location. Think about where the home is located because this is going to dictate the supply and demand along with the taxes associated with the home. Getting the price of the home right is the first step in a successful mortgage process.

What is my Credit Score?

One of the most important parts in deciding the interest rate of the home is the applicant's credit score. The credit score dictates what kind of trust the loan governor is going to place in the applicant. This trust will control the interest rate and the total amount the applicant will pay back.

What Other Debts Do I Owe?

The mortgage company is going to consider the other debts the person has before deciding how large of a loan they are comfortable giving out. If possible, try to pay off other debts such as a car loan, credit card debt, or student loans.

For more questions to ask about the mortgage application process, contact Midland Mortgage to schedule an appointment today to discuss the mortgage process today!

Posted Feb 22, 2017 by Midland Mortgage Corporation