Residential Mortgages: Taking the Big Step

Whether you're are buying your first home or your fifth, going through the residential mortgage process can be a trying experience. There are many things that a responsible home owner needs to take care of such as choosing a good home owner insurance provider, making sure your new home is inspected before you buy, making sure you have enough money set aside to take on the debt of a new mortgage, etc. That's why it is important to work with a residential mortgage professional who will walk you through the process step by step and help you to insure that not only is everything taken care but more importantly, that you chose a home mortgage that is right for you and your financial needs. Come ask your questions. I will answer them all. Don't commit to anything until you are sure that you understand all of it. I will take you through the residential mortgage process, educating and explaining every step of the way so that you understand fully what you are committing yourself to.

Come give John a call today at 770-727-9128 or click on the link below to get pre-qualifed.

PRE-QUALIFY YOUR MORTGAGE HERE

What are the factors that will affect my interest rate?

A lot of factors will influence the interest rate that you qualify for. Yes, your credit score with have a lot to do with it, however a high credit score does not guarantee the lowest rates out there. The key is to understand how much risk your loan will represent for the lender. As a general rule, the higher a lender's risk on a particular loan, the higher interest rate that loan will get. What are some of the factors that a lender will look at? Here is a list of some of the most common ones.

• Credit Score - A borrower's credit score is a direct reflection on how that borrower handles their finances. The lower the score, the more likely it is that the borrower doesn't pay their bills on time. This will raise the lender's risk of default. 
• Occupancy - Owner occupied houses pose the least amount of risk of default/foreclosure for lenders because if a borrower gets into financial trouble, their home is one of the first things they are going to try and protect. By contrast, non owner occupied houses (IE.. investment properties) pose a much higher risk of default to the lender. This is due to the increased likelihood of the investor letting the house go into foreclosure should they happen to get into financial trouble.
• Documentation Type - The less income/employment/asset documentation a borrower can provide, the higher the risk to the lender and the higher the interest rate will be.