Mortgage lender

Pre-approval is as close as you can get to confirming your creditworthiness without having a purchase contract in place. You will complete a mortgage application and the lender will verify the information you provide. They’ll also perform a credit check. If you’re pre-approved, you’ll receive a pre-approval letter, which is an offer to lend you a specific amount, good for typically 90 days.

When you are choosing a mortgage, there are some important questions you need to ask your lender. Here are the top 11 things you should be asking a lender.

When applying for a mortgage, the down payment is your contribution toward the purchase and represents your initial ownership stake in the home. The mortgage lender provides the rest of the money to buy the property. Lenders require a down payment for most mortgages. However, some types of loans backed by the federal government, like VA loans, may not require down payments. #joepratherrealtor #whosnextrealestate #realestateagent #RealEstateInvestor #realestatelife #realestatemarketing

Funds or assets held in escrow are temporarily transferred to and held by a third party, usually on behalf of a buyer and seller to facilitate a transaction. It’s used in real estate transactions to protect both the buyer and the seller during the home buying process. Throughout the term of the mortgage, an escrow account can hold funds for taxes and homeowners insurance.

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