Get the right loan for you

If you are a first-time homeowner, applying for FHA loans in San Jose can be a rather challenging task. There are a lot of regulations involved, each of which could suggest more efforts from your end. However, with some basic information, you can obtain the best mortgage.

Mortgage broker or money lender?

While comprehending where to get a loan, you will come across your two choices – brokers and lenders. You can ask for quotes from both parties to compare their prices. Going for a broker might save you from the hassle of reaching out to several banks, but if you already have a good rapport with a bank then a lender should be your ideal choice. A lender would also be able to help you resolve any issues that might come up during the process.

Fixed or variable-rate mortgage?

Your next step would be determining your mortgage rate. If you have an appetite for risk and want the lowest rates in the market, you can go for a variable mortgage as the interest rates fluctuate with the market. However, if you want repayment stability, you can choose a fixed mortgage.

When applying for a home loan, you’ll also be required to document your earnings and have a decent credit score as your entire bank history would be reviewed by your lender. This is why it’s also necessary to make sure everything indicates you as a worthy borrower so you can secure a mortgage with the lowest interest rates in San Jose.

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Created on Jan 12th 2018 05:59. Viewed 230 times.

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