There are available countless special loan programs to assist homebuyers get the house they want. Everything from "zero down payment" to "first time buyer" programs. Whatever your personal concerns are, there is almost certainly a program to help you.

Closing Costs
You might be one of those who telephones different lenders to shop their rate and closing costs. Beware! Closing costs are a very gray area. Exactly what are closing costs and what are not closing costs? Good question! Which are the lender's closing costs and which are the title company's closing costs? Good question! The truth is...the lender will have some fees, the title company will have some fees, there's usually an appraiser needed, a surveyor needed, a termite inspector needed, and sometimes others. So how much are all these fees going to be and who's going to pay them. Again...good question! Your safest move is to get it in writing in the form of a "Good Faith Estimate"

Money For Nothing
You are usually required to pay money up-front to initiate the loan process. Somewhere around $350 to $450 unless you're asking for a very long rate lock (120 days to 180 days, etc.) The purpose of the initial $350 to $450 is to cover the costs of the appraisal and credit report should the property not appraise high enough and/or the borrower's credit is unacceptable. Typical rate locks without additional up-front fees collected are usually in the 30 day, to 70 day range. Extended locks usually require .50% to 1.0% of the proposed loan amount up-front. If you write a check for $350 only to find out weeks later you never had a chance of qualifying because your situation didn't fit the program guidelines of the intended loan, that means you just spent $350 and are probably not going to get the loan product you wanted. It also means your loan officer didn't do their job checking the required program parameters. Even if you have perfect credit and there's plenty of equity in your property to support the mortgage amount you're asking for, if something about your situation doesn't fall within loan guidelines the lender probably won't make you a loan on that program (if they make you a loan at all).

The Loan Program
Besides ending up with the interest rate you were promised on the day of closing, make sure you're getting (The Loan Program) you were promised. Its difficult to believe someone would try to slip a different loan program to you at closing, but it has happened before. Of all the different papers you are asked to sign at the closing table, the NOTE is the one that truly matters the most. It will reflect what your new loan amount is and what the repayment terms are.

Choosing the smartest loan program is critical. A home mortgage is unquestionably the most significant financial decision a person or family will make in their lifetime because a home purchase is typically the single largest purchase investment made on the personal level. Simple logic would dictate an individual family should take the greatest care in choosing the smartest mode of financing. Unfortunately this is not always the case. Many homebuyers do not spend the time to talk with their financial advisor or accountant regarding financial strategies. Even though this is the perfect time to formulate a long term financial plan surrounding their largest investment, most people don't. This is where a seasoned professional mortgage broker can be worth their weight in gold! A knowledgeable mortgage broker familiar with the loan marketplace and well versed on financial strategies can help place a family in a loan product that will perform wonderful things for many many years. The impacts of a single smart loan decision will impact a family for the rest of their life. How many other business services have the ability to make that statement? Research the issue of financing a home by means of a mortgage. Talk to your most trusted financial advisors. "Find a smart mortgage broker!"

Documents Commonly Required To Be Provided By You For Purchase Transactions
• Most Recent W-2 Wage Statement
• Most Recent One Month of Paystubs
• Most Recent Bank Statements
• Most Recent Retirement Statements
• Most Recent Personal Tax Return
• Most Recent Business Tax Return
• Current Landlord Name & Phone Number
• Copy of Earnest Money Check (front & back)
• Copy of Purchase Contract
• Name & Phone Number of Insurance Agent
• Name & Phone Number of Realtor
• Copy of Leases on Rental Properties
• Signed Loan Application
• Credit Report (lender to obtain)