We can help you determine how much home you can actually afford. If you're short on cash, we can suggest some possible sources of funds for your down payment, or help you find low-down payment loans or seller-financed loans.

Rates for conventional, 30-year fixed rate mortgages are now in a reasonable range. Increasingly popular alternative forms of financing may make your loan even more affordable. Your CENTURY 21 Northland real estate agent can provide information on the types of mortgage plans available to you.

We can help you work out a realistic idea of the home best suited to your needs: Location, size, style, features, accessibility to schools, transportation and shopping.

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10 Questions to Ask Your Lender

Be sure you find a loan that fits your needs with these comprehensive questions.

• What are the most popular mortgage loans you offer?
  
• Which type of mortgage plan do you think would be best for us? Why?
  
• Are your rates, terms, fees, and closing costs negotiable?
  
• Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required?

NOTE: Private mortgage insurance usually is required if you make less than a 20 percent downpayment, but most lenders will let you discontinue the policy when you’ve acquired a certain amount of equity by paying down the loan.

• Who will service the loan? Your bank or another company?
  
• What escrow requirements do you have?
  
• How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during this period?
  
• How long will the loan approval process take?
  
• How long will it take to close the loan?
  
• Are there any charges or penalties for prepaying the loan?

Used with permission from Real Estate Checklists & Systems www.realestatechecklists.com.