|
Q.
What if I have bad credit?
A. Let a mortgage professional review your credit and make recommendations.
If you cannot qualify for a mortgage based on your credit, then they will
tell you what you will need to do to be able to obtain one in the future.
Q. How much money will I need to put down to purchase a home?
A. Typically downpayments range from 3% to 20%. But anywhere from $0.00 to a
20% downpayment may be required. There are a variety of programs designed to
help everyone achieve the dream of home ownership. It is always a good idea
to talk with a mortgage professional like me to get prequalified.
Q.
How much money can I qualify for?
A. How much you will qualify for will depend on many factors including
income and current debt. Use our mortgage calculator to get an idea or
contact a mortgage professional for an evaluation.
Q.
What should I have ready when I apply for a loan?
A. You should have:
- Social
Security numbers for each person applying for the loan
- Copies
of your checking and savings account statements for the past 3 months
- Evidence
of any other assets like bonds or stocks (if needed)
- Recent
paycheck stubs detailing your earnings for the past 30 days
- List of
all credit card accounts and the approximate monthly amounts owed on
each
- List
of account numbers and balances due on outstanding loans, such as car
loans
- Copies
of your last 2 years' income tax statements
- Name and
address of someone who can verify your employment
Some or all
of these items may be needed.
Q.
What types of mortages are there?
A.
There are many types of mortgages. Most people use a fixed-rate mortgage.
In a fixed rate mortgage, your interest rate stays the same for the term
of the mortgage, which normally is 30 years. The advantage of a fixed-rate
mortgage is that you always know exactly how much your mortgage payment
will be, and you can plan for it.
Another kind
of mortgage is an Adjustable Rate Mortgage (ARM). With this kind of mortgage,
your interest rate and monthly payments usually start lower than a fixed
rate mortgage. But your rate and payment can change either up or down,
as often as once or twice a year. The adjustment is tied to a financial
index, such as the U.S. Treasury Securities index. The advantage of an
ARM is that you may be able to afford a more expensive home because your
initial interest rate will be lower. These are the most widely obtained
mortgage types. When you consult with a mortage professional they will
advise you on all of the different products available.
Q.
Is obtaining a mortgage on a condo or townhome more difficult?
A. Not at all! As long as it is the property you want to buy, a mortgage
professional will have no more trouble obtaining a loan on your behalf
than with the purchase of a home.
Mortgage
on Jacksonville , Florida real estate is a decision you must
take carefully. It is natural for you to have queries on the
topic when you are deciding whether to take mortgage out on
the real estate in Jacksonville , Florida. We have tried to
answer as many queries that are commonly asked by people on
real estate in Jacksonville , Fl. If you don't find the answer
here, please feel free to contact us for a solution on issues
related to Jacksonville , Florida real estate.
|
