Often, the cost of real estate financing is routinely greater than the original purchase price of the home (after including interest and closing costs). Because financing is so important, buyers should have as much information as possibleregardiing mortgage options and costs.Homestore provides consumers with extensive mortgage information as well as a variety of loan calculators. Local REALTORS can provide mortgage information, discuss financing options and recommend loan sources. In addition, some REALTORS also originate loans.
What kind of loan?
There are thousands of loans available out there from a variety of lenders, but in general, the mortgage you choose will likely be determined by several key factors:
How do you get a loan?
To obtain a loan you must complete a written loan application and provide supporting documentation. Specific documents
include recent pay stubs, rental checks and tax returns for the past two or three years if you are self-employed. During the
prequalification procedure, the loan officer will describe the type of paperwork required.
Where do you get a loan?
Mortgage financing can be obtained from mortgage bankers, mortgage brokers, savings and loan associations, mutual savings
banks, commercial banks, credit unions, and insurance companies. A growing number of REALTORS can also arrange