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SiG MT 108 FACT S ON FIN ANCE Article provided by Prairie Mountain Bank S MT 5 Steps To Help with Mortgage Let's visit a lile about mortgages in this fine issue of Signature Montana. ere are basic fundamentals that we should all accomplish PRIOR to shopping for your new home. Let's talk about a few together: 1. Credit history: We don't need a lender or a credit report to tell us our credit history or credit score. Most of us know if we have a strong enough credit score to qualify or if we need to improve our score. e higher your score, the beer chance you have for a beer interest rate on your home loan. One of the first steps in the pre-qualification process is that your lender will run a credit report on you. If your credit and score qualify for a home loan, wonderful. If not, ask your mortgage lender's assistance in repairing your credit. ere are options out there and a good mortgage lender is always willing to help. 2. Research first-time home buyer programs: Again, this is a conversation you would have with your lender. Some programs will assist with down payments and many offer home buyer classes that are beneficial not only to first-time home buyers, but all home buyers! 3. Ask your lender for an estimate and explanation on the costs associated with your loan: What down payment is required? What's the best interest rate? How much are closing fees? Understand the pre-paid items. Shop for insurance so you will know what your annual premium will be. Check the county records for information on property taxes. How much will your house payment be? A good lender will assist you with the maximum house payment she feels you can afford, but no one knows beer about what your budget will allow than you. Are you a stay-at-home, cook at home, watch movies, love to hang out at your beautiful new home kind of person that can perhaps afford a slightly higher house payment? Or are you rarely at home, on the go, like to travel and eat out type of family? at type might need a lower house payment so they can afford all those extra expenses. Explain your life style to your loan officer so she can help guide you through those decisions. 4. Trust your lender: Even though this is last on the list, I believe it is the most important. Visit with different lenders. Ask the same questions, measure his or her interest in genuinely helping you with the most important purchase most folks will make in their lifetime. Be entirely comfortable asking tough questions and weigh in on their ability and willingness to help you. Chances are this may be a lender that you will choose to deal with more than once. On-line mortgage lenders may seem appealing to you, but will they be there to help or offer assistance like your local Great Falls lenders are? ere is definitely comfort and trust in face-to-face conversations and knowing that your lender is only a drive or phone call away to help. Your lender has you pre-qualified you have a clear understanding of the costs involved, and your house payment amount: now let's shop for that dream home! Fortunately for the Great Falls area, we have many wonderful and knowledgeable realtors to choose from. Keep in close contact with your lender as you tour homes, trust your realtor to do a great job with the negotiating on your new home, enjoy your closing at the title company and prepare for that move!