By Sally Baird, REALTOR
As a REALTOR, I’m often asked questions about mortgages. I contacted a few mortgage professionals here in the Bloomington area who were gracious enough to answer a few of the most common questions I hear from home buyers.
There are many different types of loan programs to choose from. Establishing a relationship with a quality loan officer is the first step in finding the best programs available for you. Here’s a brief summary of the answers to all my questions.
You can read the unabridged version here Mortgage Maze APRIL 2019.FINAL.
- Mortgages for professionals: Old National Bank’s Kevin Cade explains the highly attractive mortgages for professionals – including physicians, dentists, optometrists and college professors with very favorable terms.
- Rehab loans: Buyers who are willing to purchase a fixer-upper may qualify for German American Bank’s renovation and purchase loan, explained by Heather Bozarth.
- New home construction loans: If you want to build your dream home, read more about Old National Bank’s onetime closing construction loan that gives you 12 months to complete construction before your loan converts to monthly payments on your terms.
- Popular loans: Kathy Bowman of Ruoff Home Mortgage highlights three types of mortgages that are popular with home buyers today, including traditional 20% down loans, as well as Low Down Payment and Zero Down Payment loans. She also shares her views on how mortgage lenders are different than bank lenders
- Prevent loan application delays: What you can do to Heather Bozarth, with German American Bank, describes the biggest snags in the loan approval process that buyers can avoid.
- Engage with a lender early: Finally, even if you know you’re not quite ready to buy a new home, Juli Harding, with Bailey and Wood Financial Group, explains why meeting with a lender early can make all the difference in realizing your goal of a home purchase – at the best terms possible.