Tips on Mortgage

  • Prepare your documents, such as: your W2, tax return for the past two years, current Bank statements (3 months), current pay check stub, etc.
  • The loan broker will ask common questions, such as: what is your Gross income for the last 2 years? Are you planning to purchase or refinance the loan amount? Fixed or adjustable interest rate? 15years or 30 years? etc.
  • The interest rate you will get depends on your qualification. You will get the best interest rate if you have sufficient income, good credit rating, less debt, etc.
  • You will qualify for a loan even though your finance background is not good, because there are hundreds of different loan programs to fit everyone's need. Except that the interest rate varies.
  • Shop for at least two or more loan brokers / lenders. Pick the one whom you feel comfortable working with, the one who is the most honest, the one whose company has good reputation, communicative, and can assist you in the future.
  • If you pick the right loan broker, he/she might help you save hundreds or even thousands of dollars.