Mortgage Services

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Mortgage Information

Understanding your financing options

Unless you are in the enviable position of purchasing a home with cash, you will need financing to purchase your new home. There are several good reasons to talk to your Prudential Montana Real Estate Agent and a lender before you begin the search for your dream home. They can help you determine what types of loans are available, a loan amount, a monthly payment you are comfortable with, and the additional cash required to close. Based on your choices, you will be able to determine your purchase price range.

Decide what you are willing to spend

Keep all of your financial goals in mind when considering how much money to borrow, you may easily qualify for a larger loan amount than meets your housing budget. When planning for your new home payment your Prudential Montana Real Estate agent will help you determine the monthly amount to budget for Principal, Interest, Taxes and Insurance (commonly referred to as PITI). In addition, experts recommend your budget as an additional 1% of the purchase price per year for home maintenance.

Shop around for the best terms and interest rates

Not every lender offers the same financing programs. Talk to your Prudential Montana Real Estate agent to get an idea of the current market trends. Your Prudential Montana Real Estate agent can also recommend experienced lenders who are most likely to offer a loan that fits your needs, and will be available to assist with the financing details unique to your transaction.

Prequalification

Prequalification is an informal discussion between you and your lender. Based on the information your provide, a lender will give you an opinion of the amount of money they would be willing to lend.

Preapproval

Preapproval is a more rigorous process that requires documented and verified information. The benefit of taking the time to become preapproved puts you at an advantage when you make an offer on a home, because the seller know you are a genuine buyer.

Comparing the true cost of credit

A lender will prepare a good faith estimate for you that will be a comprehensive list of all the costs incurred to procure the loan. It will provide you with an annual percentage rate (APR) with which you will be able to compare loans on an apples to apples basis.

What to bring when you meet your lender

• Social security number and birth date of all borrowers
• Addresses for the past two years
• If renting: names and addresses of landlords
• Most recent pay stubs, showing year to date earnings
• W-2 tax forms for the past two years
• Checking and savings account numbers and current balances
• Assets including IRA’s, certificates of deposit, stocks and bonds, etc.
• Names and addresses of all financial institutions
• All loans including the balance and monthly payment for each loan
• All credit card accounts, balance and monthly payments
• Money to pay for appraisal costs, application fees, etc.