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Residential Properites

With over 25 years of experience, Entrust Financial Mortgage Financing provides many services to assist you in your residential property financing needs.

Financing a home can be a confusing and intimidating adventure. Unfortunately, too many people embark on this task without the correct information and preparation. In this case, such people often find that even when they make it through the process of securing a loan, they made mistakes along the way and end up a bad position. However, with a small amount of effort put forth on the front end, you can enter the home financing process confident that you will get just what you need. Here are a few Tips for Successful Financing.

Be Prepared for the Journey
Whether you're trying to secure a purchase or refinance a real estate loan, you must follow a rather strict timeline. Depending on your level of preparedness, the process can be either smooth or rough. Before proceeding through the home loan process, start by taking the time to understand the system and make educated decisions.

Get Pre-approved
A loan prequalification or pre-approval is vital to the loan process, since it allows you to obtain an estimate of your borrowing power. We highly suggest that you not skip this fast, easy, free step. With a written pre-approval (including a certificate guaranteeing you a mortgage to a specified amount), you won't waste time looking at homes you can't afford. Rather, you can focus your time and energy shopping for YOUR ideal home.

Know Your Finances
Determine how much you can afford to spend. While you may qualify for one amount, it might be too high for your actual budget. Set a monthly dollar amount that you feel comfortable committing to. Don't forget to figure in additional costs, such as insurance and taxes, interest, and principle.

Let us Shop Around
Look for the best loan costs, considering topics, such as:

  • Appraisal costs
  • Broker fees
  • Credit report fees
  • Interest rates
  • Loan term application fees
  • Prepayment penalties

Apply for a Loan
Gather all the documents required to verify your loan application:

  • Job tenure
  • Employment stability
  • Income
  • Assets
  • Liabilities.

Additionally, be prepared to supply your lender with financial documents, such as paycheck stubs, bank account statements, and tax returns. Check with your lender or broker for more information.

Secure Your Rate
Interest rates change daily. Locking your rate in writing guarantees you a certain rate and terms for a specified period of time. Lock in as many costs as you can. Push for setting the lock at the time of application, not at approval.

 

 


      


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