A mortgage application form approvedYou’re finally at the point of your life where you are ready to purchase your own home. Congratulations! But before you truly celebrate, you know well that there are processes you need to go through before you can live in the house of your dreams. One of which is securing yourself a home loan.

With all the different loans available in the market, migonline.com recommends consulting your loan officer is the wisest option to know what works best for you. To make your meeting more productive, here is a list of questions you should not forget to ask your loan officer:

What type of loan is the best?

The type of loan you ought to get is the one that would fit your financial capability and lifestyle. With all the available loan types in the market, there will surely be one that is right for you. Ask your loan officer about the options that you can choose from and ask for his professional opinion regarding the matter.

How much is the interest rate?

Never forget to ask this question since this is something that you would be living with for at least a decade of your life. Aside from the amount, ask about flexibilities as well as policies concerning changing your loan type and the interest rate in the long run.

What is the minimum down payment required?

The standard down payment is usually 20% of the cost of the property. However, in some cases, a lender can approve as little as 3% of the total cost if you meet certain requirements. Ask your loan officer about such policies and whether or not you qualify for it.

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How long will the process take?

Some lenders can guarantee the process to be finished in two weeks, while others will take up to two months. Clarify with your lender the amount of time they need and coordinate with your real estate agent on whether or not you have the luxury of time to wait for the process.

With these questions in mind, you will be more than ready to make your first mortgage. Good luck!