The most important part of financing is your knowledge of the options available. Consider the following questions as a basis for determining your financing needs.
• How much mortgage can I afford?
• What down payment is needed?
• What is the difference between pre-qualification, pre-approval and approval?
• What interest rates are available?
• What is mortgage insurance and is it required?
• What type of documentation will I need?
• How do 15- vs. 30-year terms compare?
• What are points and do I pay them?
• What is the difference between a fixed rate mortgage and an adjustable rate mortgage?
• What closing costs will I incur?
• What is being "locked-in?"
• How long will the mortgage process take?
• What is included in a mortgage payment?
• What would the payments be?
• When would the payments begin?