Top 10 Tips For Financing A Home (NAPSA)—Warmer weather and the conclusion of another school national sales for Internet lender Ditech. “With a credit preapproval, year are two signs that summeris almost here. While many Americans get ready for summertravel, barbecues and other rites of the season, thousands will be taking advantage of a buyer’s market by looking for a you can start searching for homes This buying season is unprecedented, as the real estate market has gone through changes that no one could have imagined even one year ago. Whether you are buying home.” Here are 10 tips from Destra to newplaceto call home. yourfirst home, looking for a larger home or even buying a vacation home, the timing could not be better, as the prices have come down in many markets and there are plenty of homes to choosefrom. While researching and walking through properties is what most people think of when buying a new home, prospective buyersalso need to be aware that lining up proper financing is now more important than ever before. However, while lenders have tightened credit standards, buyers should not be intimidated by the process of getting a mortgage. In fact, working with a lender early on is the first step to take before you begin paging through the Sunday Real Estate section. “Working with a mortgage lender early in the homebuying process can makethe entire homebuying process much smoother,” says Frank Destra, managing director and senior vice president of with a much better idea of your price range, and in turn save time as you will know which homes to focus on. A preapproval also may offer more confidence to homesell- ers in your ability to purchase the help make the home financing processeasier for you: 10. Attend a home-financing seminaror read information available from online mortgage lenders to gain a clearer understanding of the process. 9. Understand yourcredit. Be aware that your credit history may impact the interest rate charged and the type of loan pro- gram for which you may qualify. 8. Become familiar with all mortgage-related terms such as Annual Percentage Rate (APR) and Private Mortgage Insurance (PMI). Your loan officer should be able to explain these termsto you. 7. When shopping for a lender, compare not only interest rates but other related fees and charges, as well. All lenders should automatically provide this information so you can make comparisons. 6. Ask your loan officer if you may benefit from credit counsel- ing services. 5. Ask your loan officer for a list of what information you will need to complete an application. Having the correct documents ready may help the lender provide a faster loan decision. 4, Request a credit preapproval decision from your lender. It will determine how much you maybe able to afford and can speed up the mortgage process once you find a home. 3. Review several types of mortgage products offered by your lender. Discuss these options with your loan officer to determine which maybe right for you. 2. Save money for down payment and closing costs. Ask your lender how much money you will likely need for the type of mort- gage and loan amount that you are receiving. 1. Carefully review the Good Faith Estimate you receive from your lender and be sure to ask questions. A Good Faith Estimate is a form required by federal law that discloses an estimate of the cost associated with your mortgage transaction. It is important that you fully understandall fees and charges associated with securing your loan. By keeping these tips in mind, you will be better able to navigate through the homebuying process. Soon you will be settling into your new home, just in time to enjoy the summer season. To learn more about financing a home purchase, visit www.di tech.com or call Ditech at (800) 715-3483.
