In this market some may think getting a mortgage will be difficult. Actually, mortgages are approved every day and this may be the best time to borrow money.
If you decide to buy a home or refinance a place you own, check with any local bank you have used previously. If you currently have a car loan or any other financing with a local lender, they will usually be happy to have your business.
Have some general information available before you make a call to ask about financing. Lenders will want the name of your employer, the amount of money you are earning, your social security number and other basic details. Your first phone call simply puts you on the path to get the financing you need. You will eventually be expected to visit the lender’s office with all the needed paperwork to start the process.
Don’t limit yourself to one lender. Be sure to call several lenders in your area, including credit unions. Smaller banks and credit unions may offer better rates and not have as many closing fees as larger banks. In most situations an application fee will be waived if you have an account with the lender.