Top Mortgage Questions Everyone Should Ask

Mortgages are scary tings.  When looking for a mortgage it is important that you find one that will ensure you pay off your home and own it before you owe more than it is worth.  This is where contacting a mortgages los angeles ca representative who can get you the best deal.  Before calling however, here are some questions you may want to consider asking.

How do I qualify?

When qualifying for a mortgage or any loan there are some standards you need to meet.  First is your debt to income ratio.  Lenders want to make sure that you are not killing yourself with loans.  This is why they will look at debt, credit and the amount you need as the foundation for credit approval.

How much of a home can you afford?

Before driving around the neighborhoods looking for your dream house consider looking for something that you can afford.  When getting a loan you will also need to take into consideration monthly payments, electric, water, food, insurance and a slew of other expenses.  This is why knowing exactly what it is you can afford will set you on the right path.

Down Payments

When going for a loan having a down payment will help increase your odds of getting a loan.  If you put down a large amount then your finance amount will be lower, monthly payments will be lower and you might be able to afford a better house. 

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Used vs New

When looking for a house consider looking for a fixer upper.  Many lenders will give you a lower price on a house that needs a lot of work.  When you purchase one of these houses and fix it up you can then rent or sell the house for additional profits.