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What happens if I don’t get Pre-Approved before shopping for a new home?
Many real estate agents and homeowners will not work with you unless you are pre-Approved.
You avoid potential problems that could result in you losing the home that really want.
Selecting Mortgage Lenders and Brokers.
Pre-qualify a lender or broker
Your choice of a lender will influence not
only your settlement costs, but also the monthly cost or your mortgage loan.
Questions you should ask mortgage lenders and brokers.
If you have an financial emergency, will the terms of the loan include a future advances clause, permits you to borrow additional money on the mortgage after you have paid off part of the
original loan?
Is there a late payment charge?
How much?
How late may your payment be before the charge is imposed?
If you wish to
pay off the loan inaduance of maturity (ie if you move and sell the house), must. You pay a prepayment penalty?
How much?
If so, for how long a period will it apply?
If you sell the house and the buyer
assumes your loan, will the lender have the right to charge an assumption fee, raise the rate of interest, or require payment in full of the mortgage?
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