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Best Practice: Look For A Mortgage Before Buying A Home

Best Practice: Look For A Mortgage Before Buying A Home


Best Practice: Look For A Mortgage Before Buying A Home

When you’re considering home buying, you should always look for mortgages beforehand.

Finding the right mortgage lender is vital to your process. After all, there’s a good chance you won’t get a home unless you’re pre-approved. By doing the necessary research ahead of time to determine if you qualify will help you decide if this is the right time to buy.

Home Search Versus Mortgage Search

It’s important that you don’t put the cart before the house. This means that without a mortgage, you won’t get a house. Take adequate time to focus on both experiences in order to ensure that not only are you properly prepared when you speak to a loan officer at a mortgage company, but you are also informed so that you get the best deal and don’t end up buying more house than you can realistically afford.

Understand Mortgages

Many people see a mortgage as a barrier to getting a home. However, it is your vehicle to own. If you see it as a negative, you may tend to rush the process with a mortgage company and oftentimes, won’t get the best possible mortgage for you. Also, if you don’t do the adequate work ahead of time, you’ll be taking much longer to close on a home than necessary. This wasted time may lead to not only a higher purchase price and a higher rate but also may cause you to miss out on your dream home.

A professional mortgage lender can help guide you through this process to help you to get the best mortgage for your financial future.

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020