HUD Homes Articles | As far as financing is concerned, this is one area that confuses many buyers, who often have little clue about what questions to ask, who to talk to, who best to get their mortgage from, and on and on. Perfectly normal.
I submit that perhaps THE most important question you should ask is WHAT IS MY MORTGAGE PAYMENT (i.e., how much is whatever mortgage I qualify for going to cost me per month).
Many feel that the most important thing to know about is interest rate. This is not to say that is not important, but you can’t make your buying decision based on interest rate. Working with a reputable lender and selecting the type of mortgage, and terms, are also important. Lenders will tell you all about their great programs, the terrific rates, fees (be careful about these - sometimes you DON’T get the full skinny on all the fees that can add up, so ASK for this in writing - you NEED the Good faith Estimate so you have a break down of everything the loan entails).
The most important you need to know so you can make the decision that is right for your financial situation is what the monthly payment will be. Don’t get excited that you qualify for $X, which is more than you thought and which will enable you to buy one of those brand new ultra-cool condos you visited over the weekend. So what if the bank says you can borrow a half million.
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