Approximate Annual Income: * E-mail Address: * Approximate MONTHLY Debt: * How much money can you put down? * How much would you like to put down? None. I want 100% financing 5% 10% 20% It depends on the interest rates. How long do you plan to stay in the Home? 3 years or less5 years or less10 years or lessMore than 5 yearsUntil the End. Primary Residence or Investment? Primary ResidenceA Second HomeInvestment - Multi Family PropertyThis is for Land Are you a First Time Home Buyer? YesNo What is your credit score? Excellent - 720 Plus Name: * Phone Number: * Required - After submitting you will be contacted by a local loan officer shortly.

Logan Mortgage Loans

Most people who buy real estate need a loan. Getting the right loan, can make a huge difference in how we buy, when we can buy, and the amounts we will pay. When finding a lender it is also important to pay attention to closing costs, rates, and type of home loan to find the best deal.

Types of Mortgage Loans

There are many different kinds of morgage loans, ranging from no money down financing, to interest only option arms. Most loans are conventional loans, FHA loans (loans backed by the Federal Housing Administaration), and VA (loans backed by the Veterans administaration) backed loans.The best way to find the best loan is to meet with several trustworthy loan officers.

I am very familiar with many Logan Lenders, and can recommend several that will do a great job, and help you get the best rate and service for your particular situation. Saving you money helps me feel happy.

The best interest rates on mortgage loans are given when you have good credit, consistent job history, and can put down a significant amount of money, usually 20%. Many first time home buyer loans have a great rate for the entire hundred percent, but you usually have to pay Mortage Insuarance (Insurance to protect your lender from foreclosure). Often times you will actually have a lower monthly payment by having two loans. One loan at the prime rate for 80% of the home's value, and the other at a slightly higher rate for the remaining balance. This second loan will usually go down considerably if you can put down just 5 or 10%.

Types of Lenders

Banks

I have found that banks rarely offer the best interest rates on conventional loans. However, they are more likely to do FHA and VA Loans, and are often the best alternative for investment properties, construction, and land loans.

Mortgage Brokers

Mortgage Brokers do not actually fund the money. They have a pool of different lenders to choose from, and shop around to find the best deal for your situation. Because mortgage brokers are generally unfamiliar with exactly how the different lender programs work, this method of lending has a lot more potential for complications, and post poned closings.

Direct Lenders

Direct Lenders are my favorite source for lending. They know how their programs work. Get underwriting approval immediately, and can usually give you the best rates and lowest closing costs.

Pre-Approval - An important step towards moving quickly

One of the most important steps in the home-buying process is being pre-approved for a home loan. Many buyers apply for a loan and receive approval from a lender BEFORE searching for a home. This is called "pre-approval."

Pre-approval is especially important as our market shifts towards more of a sellers market, and many properties get multiple offers. Some other advantages of pre-approval are:

* Pre-approval can cut days or even weeks off the closing, because the lender has already conducted its credit analysis and approved you for a mortgage.

* Pre-approval strengthens your offer and negotiating position. A home seller will often choose to accept an offer from a buyer who is pre-approved for a mortgage over one whose financial picture is still in question.

* Pre-approval will determine your price range and narrow your search parameters. Based on your down payment and that pre-approved mortgage amount, you will know how much you can afford before you even start looking for a house.

There is also a significant difference between buyers who are merely, pre-qualified, and those who are pre-approved.

Pre-qualified buyers are those whose lenders have determined how much they can borrow based only on information the buyer has provided to the lender. Nothing has been verified to determine the buyer's true creditworthiness. The buyer still must fill out a loan application and go through the lender's approval process. It's also possible their credit score might not be what they think.

For buyers who have been pre-approved, the lender has already done a credit check along with verification of employment and deposit. The lender's pre-approval is a commitment to loan the buyer up to a certain predetermined amount. The only piece missing is the lender's appraisal of the home to confirm its value.