However, each of these may differ in down payment requirements. Another option to consider is to borrow against the equity in your current home. And, there is no need to shop for a mortgage long distance. Your local bank can assist with your financing and as always, consult your tax advisor for any tax saving tips. If the servicing of a loan is done locally, that means it will be done by the bank that made the loan, instead of some large, usually impersonal company with a telephone maze and no person to actually talk to.
Local servicing means better, more personalized customer service.
You can ask questions of, get answers from, and have your problems solved in a timely way by a person with a name and a face who knows and cares about giving you the quality of service you deserve. This program has both income and purchase price limits in order to meet the needs of lower and middle income households. A. Getting pre-qualified by a mortgage lender is the first step to buying your home. Realtors prefer this to help ensure they are showing you properties that you can realistically afford. Also, getting pre-qualified helps you to understand the financial aspects of homeownership.