Patty & Kenny Smallwood
"Your Home Town Experts With a World of Knowledge"
"Experience You Can Trust"
Getting a Mortgage
Securing a mortgage is the first step toward closing - and moving day. Of course, if you're pre-qualified you are a step ahead.
The mortgage application process can be confusing and intimidating, especially to first time purchasers - but today's market offers homebuyers more options than ever before.
Have Your Records Ready
Organizing your records ahead of time will help speed things along when you're completing mortgage applications. Our mortgage documentation checklist can help you keep track of everything you need.
Shop For a Lender
There are many types of lenders in today's mortgage market - review their loan terms to decide which offers the best package for your needs. If you have credit problems or other difficulties, look for a lender specializing in this type of loan. Don't forget to check out online lenders as well.
Consider Loan Types and Terms
Today's mortgage market offers a bewildering array of financing options and loan programs - each with different rates, points, and amortization schedules. Consider the details of each so you can select the one that best suits your needs.
Choose the Right Loan
After considering the various mortgage programs available it's time to make your selection. Don't forget to review all aspects of the loan, not just the interest rate - the points, fees, and term can be just as important.
Watch Interest Rates
Keep an eye on interest rates during (and after) your mortgage search. Many lenders offer the option of locking in the interest rate before closing - a valuable alternative if rates are rising.
Apply for Your Loan
Carefully complete each section of the application and provide all of the documentation required by the lender along with the loan application fee. Maintain frequent communication with your loan representative - if you haven't heard anything within 1-2 weeks call and ask about the status of your application. Respond promptly to any requests for additional information.
Save on Interest
It's no secret that you'll pay an enormous amount of interest on your mortgage over the years. But a 15 year loan can save you a bundle over the years with a moderate increase in the monthly payment. For example, the payment on a $100,000 loan at 8% would increase only $220/month.