Buying a Phoenix Home? Search all Homes for Sale
Selling a Phoenix Home? Check out our FREE Home Value Report
Selling a Phoenix Home? Check out our FREE Home Value Report
We’re back again with our preferred lender, Tom Ross, with Nova Home Loans. We’re here at his office to talk to him a little bit about some of the most important questions you should be asking your loan officer when you’re trying to get a mortgage. Tom’s been in the business for 18 years, and we’ve spent the last decade working together to help so many people with many different loans. There are a few different questions that Tom thinks you should be asking your loan officer.
The first that comes to mind may be “How much do I qualify for?” but that’s the wrong question to ask. The officer should actually ask you where you are comfortable making your payments. You shouldn’t be miserable making a high payment just because you qualified for it. We want to find the sweet spot you are comfortable paying each month.
“
”
There are plenty of great loan options available.
”
Down payments are another specific topic you should discuss. It’s true that with 20% down, you can get out of paying mortgage insurance. However, some people simply don’t have that much liquid cash. If you’re comfortable with your monthly payment at 5% down, that could be a good option too. You’ll definitely keep more money in your pocket up front. There’s really no right or wrong answer.
What about financing options? Many people are stuck on the 30-year fixed rates because they are so low, but there are other great options in addition to those. Adjustable-rate mortgages are one possibility, as are 15-year fixed rate loans. When people have the ability to qualify for a 15-year rate and don’t even look at it, it’s a loss. Your payment will be higher but you will ultimately pay far less for your mortgage.
If you have any questions for us or Tom, don’t hesitate to give us a ring or send us an email. You can reach Tom at 602-791-5861 or tom.ross@novahomeloans.com. We can answer any questions you may have or point you in the right direction of someone who can. Hope to talk to you soon!
