It takes between 30 days and a few months to get approved for a mortgage loan. There are three steps to this process, but only the final two are required: prequalification, preapproval, and final mortgage approval.
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The grant, dispersed through NHF-approved lenders, is meant to assist homebuyers with down payments and/or closing costs that the home loan agreement may accrue. The NHF DPA Grant allows homeowners to build equity faster, and carry less of a financial burden by avoiding secondary mortgage options that are usually offered to cover the same costs, and involve pesky property liens.
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Mortgage brokers act as intermediaries whose job is to help connect buyers with investors and banks. Essentially, they collect your information and shop around for relevant mortgage options based on the information they collect from you. Mortgage brokers take care of all of the dirty work, so you don’t have to deal with the stress of finding lenders, getting quotes, and sitting in those highly uncomfortable waiting areas that most banks have.
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The Prime Rate is often confused with the Federal Funds Rate, a rate at which banks lend money to one another and is determined by the Federal Reserve. This is what you hear about on the news when the Fed meets. It’s not the same as the Prime Rate, though the Prime Rate often follows the Federal Funds Rate.
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Just like finding a mortgage broker or mortgage banker, finding a mortgage consultant can start online or in the fleshy real world. Check out your favorite bank first to see if they have a Certified Mortgage Consultant on staff. Many banks provide access to these professional consultations for free if you’re interested in a mortgage loan. If you want to look at mortgage brokers who have on-staff consultants, your Realtor may be your best resource. There are lots of small brokerages, so digging through their websites to see what job titles are in their offices can be real drudgery.
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DTI, or debt-to-income ratio, is a measurement that banks and other lenders use to compare an individual’s debt payments to their overall income. They usually use this as a way to determine someone’s predicted ability to repay future debts. You can calculate DTI by dividing your total monthly debt (recurring expenses only), by your gross monthly income.
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Getting a home, and the mortgage that comes with it could be the most important financial transaction you ever make. But how do you go about getting a home loan?
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Like with most housing assistance programs, you can start at your local housing agency. You’ll be provided with a breakdown of the FHA loan-approved lenders in your area, whom you can apply to. If you qualify for the program, simply apply to these lenders. If you get more than one quote, you’re more likely to find a better deal.
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