NOMS2008

Getting a mortgage is a scary thing to do. But with the right fixed rate mortgage it can be a breeze. So, you find a house you love. Okay, you talk to the listing agent, and make an offer. Most likely you will have to counter back and forth until both seller and you agree on a price. next step? Go to a bank and see if you can get pre-approved for the amount you need. This doesn't mean that you have the money yet, just that the bank will say that you can have the money depending on whether or not they think the property you want is worth it. Yes the bank gets to decide if the loan is worth it. So, the bank will send an appraiser out to see what the property is like and if it is worth the asking price. Again..it's all up to the bank. They hold all the cards at this point. It's all a breath-holding game at this time. For both you and the seller, who wants to sell as bad as you want to buy! The bank will usually want a "comp" of similar houses that have sold lately. This means they want to compare the house you want with others that have sold to see if the asking price is within a reasonable range. Another wait. Finally, finally, you will get a letter stating that such and such bank will be happy to lend you the money. Be sure that you review the terms of the loan detail by detail to ensure that you will be able to meet the terms of the loan. So move in, settle down, and make your mortgage payment on time each and every month. Oh..and pay your taxes and home owners insurance because banks don't like it if you don't. Smile..it's only time and money!