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How Do I Find the Best Mortgage Loan Programs for My Needs?

How Do I Find the Best Mortgage Loan Programs for My Needs?

When it comes to selecting the right mortgage loan programs, there’s a process you should follow for determining what’s going to be best for you. We’ve gone ahead and summarized it for you below, to help make your search a little easier:

Step 1: What Is the Intent of Your Property Purchase?

When deciding which type of loan you want, you first need to define how the property is going to be used. Will it be your primary house? A vacation home? An investment property? A rental? All of this factors into the type of loan you can 1) qualify for and 2) see makes the most financial sense for you.

Step 2: Understand the Types of Loans Available to You

Once the intent of the property is settled, you’ll automatically have whittled down the list of loan options available to you. However, they are generally split into two categories: fixed rate and adjustable rate. There’s also a special “balloon” rate mortgage available for individuals who only plan to own their home for a short period of time (investors and first-time home buyers).

Step 3: Understand Any Special Benefits You May Entitled To

Are you a first-time homebuyer? Or a military veteran? Or purchasing in a developing neighborhood and meet qualifying low-income standards?

Any of these items can entitle you to special loan programs, so be sure to ask about what you may eligible for.

Step 4: Apply for a Mortgage

Once you know the type of mortgage and special qualifications, you are ready to apply!

Need Help Understanding What Loan Options Are Best for You?

No problem. Our team is happy to talk through all the mortgage loan programs available to you, so contact us today.

Posted Jun 08, 2016 by Midland Mortgage Corporation