Broward County Home Mortgage Information
Broward County Home Mortgage
Once a simple task that meant comparing fixed rates from among perhaps a
dozen or fewer savings and loan companies, the mortgage hunt today
is like finding your way through a maze.
There are hundreds of Home mortgage loan
types and hundreds of loan programs available through thousands of mortgage brokers,
bankers, lenders, finance companies, credit unions, and even stock brokerage
firms. Contrary to popular belief, finding a Broward County Home Mortgage
doesn't begin with an application.
Education is a better first choice. Mortgage information sources are as vast
as the number of mortgages available. Web sites, topical newspaper articles,
mortgage books, consumer seminars and workshops, financial planners, real estate
agents, mortgage brokers and lenders are all available to assist you along the
First and foremost, you must determine how your mortgage payment will fit
your current budget and, to some extent, your future obligations 15 to 30 years
down the road.
If you discover too late that you can't afford your mortgage, you'll not only
face the possibility of losing the roof over your head, but you could also
damage your ability to purchase a home later.
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 dues and any other costs rolled into the mortgage
Shopping for a
When you are ready to shop for a loan you have two basic types of mortgage
stores to shop -- direct lenders and mortgage
Direct lenders have money to lend. They make the final decision on your
application. Brokers are intermediaries who, unlike 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 lender's store of loans. If you have
special financing needs and can't find a lender to suit them, an experienced
Mortgage Broker may be able to ferret out the loan you need. Mortgage Broker,
however, are paid with a slice of the amount you borrow, some more than others,
some less. Finding the right Mortgage Broker will save you time, money, and
Along with shopping the source, you'll also have to shop loan costs,
including the interest rate, broker fees, points (each point is one percent of
the amount you borrow), prepayment penalties, the loan term, application fees,
credit report fee, appraisal and a host of others.
for a loan
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).
The lender will run a credit check on you to take a look at your credit
status, but you'll have to supply additional documentation including paycheck
stubs, bank account statements, tax returns, investment earnings reports, rental
agreements, divorce decrees, proof of insurance, and other documentation. If the
lender deems you creditworthy, it will likely hire a professional appraisal to
make sure the value of the home you are about to buy is truly worth your loan
Finding the right Broward County Mortgage
Broker is paramount to happiness in your new home. For my recommendations on
a great experienced Mortgage Broker that
can truly make that dream home, your dream home, feel free to contact a Mortgage
Broker by completing the form below.
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