Of Naperville

1200 Iroquois Naperville, IL  60563 (630)-420-1220 x3069

Sandy Keller

When do I begin the process of obtaining a mortgage commitment?

It's never too soon to start the process.  It's important to pre-qualify in order to determine home much of a home you can afford.

What will I need for the pre-qualification phase?

• Availability of pay stubs, W-2's, bank statements, and credit reports.
• Contact a mortgage lender/specialist.

What will be taken into consideration when determining how much home I can afford?

• Combined family income
• Current obligations
• Current living expenses

How can I estimate the expected monthly expenses when I purchase the home?

• The largest expense will be the mortgage payment.  (Click here to determine the amount.)
• Property tax payment which is typically escrowed monthly with your lending institution.
• Property/homeowner's insurance to cover the dwelling and contents.
• Utility costs such as gas, electric, water, sewer, telephone, cable, etc.

How do I select the right mortgage lender/institution?

Just as you select your Realtor, it's important that the lender will work hard for you to obtain the right mortgage.  The one that will not overextend you and who will find the best competitive rates.  Additionally, someone who is accessible and treats your questions/requests with high priority and quick turnaround.