You've scoured the newspaper,   you've looked through all of  the magazines, and you've stayed up late every night looking at listings online;  now you just have to decide between the chateau on the hill or the cottage by the lake.  

You are ready to buy a home, but are you able?  And just how much home should you be looking for?

It is now time to talk to your lender.  Advantage 1st Mortgage can analyze your situation, provide information on available loan programs, and generally find the answers to your questions. 

Questions to ask us
What are the different types of mortgages, such as adjustable-rate loans and fixed-rate loans, and which one is right for you?

Is the mortgage open-ended?   Can you borrow up to the amount of principal you've paid to make home improvements?

Will mortgage insurance be required for loans other than FHA-insured or VA-guaranteed mortgages?  How much principal must be paid before the insurance requirement is dropped?  What are the premiums and are the premiums refundable if you prepay the mortgage?

What reserves, such as those for property taxes or hazard insurance, are required?  How long must you pay into these reserves?  At some point, will you pay these costs directly?

What fees will be charged at closing, including such things as points, loan origination, appraisals, pest inspection reports or credit reports?

What we will ask you
What is your total monthly income (including alimony, child support, savings interest and dividends)?

What are your assets?   These include bank accounts, stocks and bonds, real estate, retirement funds and so forth.

What are your liabilities?   These include installment loans, charge cards, auto or real estate loans and other debt.

What are your anticipated housing costs?

Can you provide credit references, including account numbers and balances on loans?

What is your employment history?

The Pre-Qualification Letter
Utilizing this information, Advantage 1st Mortgage will assess your credit profile, your current assets and liabilities, and potential down payment resources and determine a maximum loan value which considers your profile, as well as your wants and needs. 

Now you truly are ready, you know what price range you qualify for, what your approximate payments will be, and how much you will be expected to offer as down payment.  You are now Pre-Qualified!

Now you are prepared to make that decision, chateau or cottage or both!