Steps to Home Loan Shopping Intelligence
Before you roll up your sleeves and dismantle all of
your financial documents in the aims of securing a home
loan, there are more than six steps you might consider
taking before finalizing your mortgage decision:
1. Prior to making a loan decision, brush up on your
rights and how mortgages are devise. Certain classes
and literatures define your right and mortgage terminologies.
Also, attending a homeownership symposium hosted by
the US Department of Housing and Urban Development (HUD)
or a non-profit counseling agency can prove to be resourceful.
2. Interview a variety of mortgage companies and financial
institutions or several real estate professionals (agents),
and ask for and check references before you select one
to help you buy or sell a home. Be leery of any loan
officer who attempts to steer you to a specific lender. Find a
company you trust and listen to all the information they have
to share. Our partners at Dreamtown.com
offer this information especially if you’re looking for a
Chicago real estate agency.
They can help you find Chicago condos,
Chicago homes, etc.
3. Obtain the rates and prices of other homes in your
neighborhood or locality. Be informed to avoid the expense
of paying too much for your home.
4. Hire a licensed home inspector or certified specialist
to meticulously assess and inspect any property before
you finalize your purchase decision. Remember to obtain
in writing which repairs the owner promises to be responsible
for or which repairs you will remit payment. More importantly,
if you agree to pay for the repairs, calculate how much
the repairs will cost you.
5. Caution is advised. Never allow a loan officer or
mortgage broker persuade you to make a false representations
in your loan application. Since falsification of a mortgage
application is deemed as fraud that can result in criminal
penalties, all information detailed should be accurate
and complete. The following information should not be
fudged on your loan application.
• Overstating income
• The source of the down-payment
• Failure to disclose the nature and amount of
• The length of employment status
6. Understand the value of your lending power so that
you know the mass of home you can afford. Never allow
a lender to persuade or sell you on borrowing more money
than you can afford to repay.