Using the Mortgage I.D. Tool

At Local Mortgage in Tennessee, we spend a lot of time talking about making the process of getting a mortgage simpler and more straightforward. We have developed multiple mortgage calculators to help our customers get more clarity when it comes to understanding their mortgage and how much it will cost. That said, Mortgage I.D. might be the most powerful tool available to our customers.

In today’s blog, we will discuss the Mortgage I.D. tool. Read on to learn how to utilize this powerful tool, and see what mortgage product would be best for your situation. Getting more clarity about a potential mortgage is simple with Mortgage I.D. from Local Mortgage.

The Purpose of Mortgage I.D.

Before using Mortgage I.D., it will be beneficial to first learn what exactly it is as well as the purpose of the tool. This will make it evident how powerful of a tool Mortgage I.D. actually is.

After you find your dream home, you suddenly get launched into a complex and often confusing mortgage-approval process. Many homeowners enter this process without knowing what types of mortgage products are available to them, let alone which products are best for their unique circumstances. This can keep you from getting the best fit for you, and ultimately keep you from saving money on your mortgage.

Mortgage I.D. is one of the primary tools developed by Local Mortgage in an attempt to fix this issue. With Mortgage I.D., we give you the chance to browse mortgage products and hopefully find the product that best suits your needs. This gives you a great chance to ease into the mortgage process and have more clarity once you find your dream home.

The overall purpose of Mortgage I.D. is to give you an idea of what type of mortgage you might qualify for, which will make the cost of a mortgage clearer. By using the tool, you may discover that you could qualify for a mortgage with a lower rate than you expected. Mortgage I.D. can help you be prepared to save on your mortgage. With that said, we should point out that it is not meant to provide pre-approval or pre-qualification. Mortgage I.D. is simply a first step to get you ready for pre-approval or pre-qualification. To get pre-approved or pre-qualified, apply with Local Mortgage.

How to Use Mortgage I.D.

We designed Mortgage I.D. to be one of the simplest ways possible to get customized mortgage information. When you use Mortgage I.D., you will simply be asked a series of questions. Answer these questions as honestly as you can, and we will send you customized mortgage information.

Thanks to Mortgage I.D., there is no need to go talk to a lender, and you can get mortgage information anytime, day or night. You can even get customized information after answering as few as nine questions. When you use Mortgage I.D., you will not need to provide any documentation to verify your information, which is why it can’t be used for pre-approval or pre-qualification.

The Questions Asked

While the number of questions asked with the Mortgage I.D. tool changes based on the answers you give, you will always get customized mortgage information after answering only a few questions. The questions we ask help our tool determine what mortgage products suit your needs and what products you might qualify for, based upon your answers. Some of the questions you might be asked while using Mortgage I.D. include:

• Are you a first-time homebuyer?

• Where are you looking to buy? (We are licensed to work in Colorado, Tennessee, and Georgia).

• Will you use the property as a primary residence, a vacation home, or as an investment/rental property?

• How much is the house you want to buy?

• What is your monthly income?

• What range is your credit score in?

• Is anyone on the loan a current or former military member?

This list is not a comprehensive list of the questions you may encounter when you use Mortgage I.D., but it should give you a good idea of what to expect. If you answer the questions with as much honesty as you can, then we will be able to give you a good idea of what type of mortgage might benefit you most.

Take the Next Step With Local Mortgage

Between Mortgage I.D. and our mortgage calculators, Local Mortgage makes it easy to see how affordable a mortgage can be for you. After using Mortgage I.D., remember to check out our mortgage payment calculator to get a good idea of what a monthly payment for your dream home looks like. You may find that it is much more manageable than you previously thought!

If you feel ready to get a mortgage, then apply today with Local Mortgage. We can help you find the right mortgage for you in Colorado, Tennessee, or Georgia. Our team of experts has the experience necessary to ensure that you get the mortgage product you need, and our process is designed to give you assistance when you need it.