Garbett Mortgage
The First 3 Easy Steps
Step One: Examine your finances
If you can afford to buy a home, you must then determine how much mortgage you can afford. Lenders are apt to put your loan application in the best light and qualify you for as much as they are willing to lend, which can be more than you can afford.
It's up to you to take stock of your income and expenses, both current and projected to determine what you can comfortably manage each month. Along with your mortgage payment, don't forget related insurance, taxes, Homeowner Association (HOA) dues and any other costs rolled into the mortgage payment.
Step Two: Shop for a Loan
When you are ready to shop for a loan you have two basic types of mortgage stores to shop -- direct lenders and mortgage brokers. Direct lenders have money to lend. They make the final decision on your application. Brokers are intermediaries who, like you, have many lenders from which to choose. Lenders have a limited number of in-house loans available. Brokers can shop many lenders for each lenders' store of loans. If you have special financing needs and can't find a lender to suit them, an experienced broker may be able to ferret out the loan you need. Mortgage brokers, however, are paid with a slice of the amount you borrow, some more than others some less. Internet brokers today perhaps receive the smallest cut, sometimes none at all, and can prove to be a real bargain. If you have chosen a builder, they will often times pay your closing costs if you use their preffered mortgage company.
Step Three: Apply for a Loan
The application process is the easy part -- provided you've gathered documents necessary to prove claims you make on the application. The application will ask for information about your job tenure, employment stability, income, your assets (property, cars, bank accounts and investments) and your liabilities (auto loans, installment loans, mortgages, credit-card debt, household expenses and others).
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Frequently Asked Questions
- How does buying a home compare to renting?
- Whats my maximum loan amount?
- What is a Mortgage?
- What is a Loan to Value (LTV)?
- What types of Loans are Available and what are the Advantages of Each?
- What is an ARM and when does it make sense?
- What's the difference: 15 or 30 year loans?
- Can I Pay Off My Loan Ahead of Schedule?
- What about First-time Homebuyers?
- How Can I Check my Credit History?
- What is Mortgage Insurance?
- What Happens After I've Applied for my Loan?
Download Brochure
Click the "Download" button below to download a PDF of our complete Garbett Mortgage brochure. In the brochure you will find a printable Application Checklist and additional information to help you in the loan application and management process. You will also find a map and driving directions to the Garbett Mortgage office.
