Shopping For a Mortgage Is not exactly a simple task…there are so many choices, so many variations and so many rules to follow. The first thing you have to is to take inventory of your current situation.
Are you a first time home buyer? Are you a veteran? What kind of down payment do you want to put down on this home purchase? These are all questions that you must answer in order to get through the first phase of the mortgage type selection process. With so many different mortgage products out there – answering these questions often narrows down the choices.
Next we must eliminate some of the choices based on our first answers. Let’s look at the popular mortgage types:
If you do not currently own a home then you can eliminate the Reverse Mortgage option. If you are not a veteran (or married to one or a widower/widow of one) then the VA mortgage option will not be available to you. SONYMA loans require a certain level of income – so this has to be evaluated by a mortgage professional. If this isn’t your first time buying a home then the First Time Home Buyer option falls off the table. As you can see it’s pretty easy to narrow down to at least a few.
Now that you have done your homework you are ready to speak to a mortgage professional. You go into this meeting armed with knowledge and options. Of course there is always more to learn and by using a Long island mortgage professional you will be further educated on the this topic!
What are you waiting for?! Give me a call today and I will get you setup with a reliable and honest mortgage professional to get you the loan you need! Call me at (516) 241-5852 to get 100% free advice – or you can use the contact form on the top of my website to instantly send me your email request for free advice or a free consultation!