#2. How do your budget constraints differ (positively or negatively) from those imbedded in the prequal computer program?
#3. Are your current spending, saving, and investing habits consistent with your life priorities?
#4. How long do you plan to own the property in Harrison County Ohio?
#5. What steps can you take to improve your credit record or credit scores?
#6. What steps can you take to improve your qualifying ratios?
#7. What percent of your wealth should you hold in your home equity?
#8. What types of real estate financing (other than those offered by the lender you're talking with) might best promote your goals for cost savings or wealth building?
#9. What types of real estate financing (other than those offered by the lender you're talking with) might best enhance your afford-ability?
#10. What type of property (fixer-upper, foreclosure, duplex, four-plex, single-family house, condo, and so on) might best fit into your Harrison County Ohio mortgage refinancing goals?
#11. How much money could you save by coming up with a larger down payment?
#12. Should you use a fixed-rate mortgage or an adjustable rate mortgage (ARM)? What are the true risks and opportunities of each? Which offers the best trade-off of risk and return (quickest buildup of home equity)?
Although a relative few highly professional Harrison County Ohio Mortgage Refinancing reps will help you accurately address important financial and life-planning issues such as those enumerated above, the great majority will not. The great majority lack the time, the intellectual acumen, and the will to guide you to your best decision. Indeed, never forget that Harrison County Ohio Mortgage Refinancing loan reps, like car sales reps, want you to buy the product(s) they are selling. Would you expect unbiased auto advice from the sales agent at the Buick dealer? No? Then why would you expect unbiased advice from the loan rep?
Most Ohio mortgage lenders emphasize where you stand financially today, but your focus must extend over a longer horizon. Most Harrison County Ohio Mortgage Refinancing lenders emphasize your ability and willingness to pay your mortgage as evinced on their approval formula. You must not accept this narrow view. You must decide for yourself if you should buy more (or less) property than standard formulas suggest, and correspondingly, if you should borrow more (or less) than this lender's guidelines recommend.
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