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Financing Your Home

Before you start looking at properties, get pre-approved to determine which loan is the best option for you. We can direct you to more financing options, potentially saving you thousands.

financing

Obtaining Financing for Your Home

Meeting With a Lender to Get Pre-Approved Financing

Pre-approval helps you know how much home you can afford and gives the home seller peace of mind, which helps show your offer in its best light. Your lender will inform you of the information you will need to provide to them.

The Difference Between Pre-Qualified and Pre-Approved Financing

Being Pre-Qualified in most cases means you have called a lender on the phone, told them how much money you make and what your monthly payment responsibilities are for things such as car loans and credit cards. From there, the lender will tell you the approximate price range and monthly payment range you belong in. It gets you started in the right direction and is a good idea to get pre-qualified as soon as you begin searching for homes on the internet. That way, you will be entering the proper value ranges on various websites and seeing results that fall within your price point.

At Geiger Realtors, we recommend you take it a step further and get Pre-Approved. Pre-approval involves meeting with the lender, signing Verification of Employment and Deposit forms and ordering a credit report. This way, the lender can have everything done for your new loan with the exception of the appraisal. The appraisal, of course, cannot be done until you choose a home and obtain an accepted offer. Pre-approval does a couple of things for you.

It will put you in a stronger negotiating position if you are in competition with other offers.

Even if you are not in competition, it will offer the Seller peace of mind knowing your credit history work is already done, and there is only an appraisal to do. With this peace of mind, the seller will look more favorably upon your offer than they would if they knew nothing about your ability to complete the transaction.

Your lender will help you find the loan that is best suited to your needs and provide the quality service you are entitled to receive.

No Cost Pre-Approvals
Personalized Loan Options
Competitive Rates
Experienced Loan Officers
Complete Service To Successful Closing

How Much House Can You Afford?

This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home’s sale price, the term of the loan desired, buyer’s down payment percentage, and the loan’s interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.