Buying a home is a very big deal for most people, perhaps the biggest deal many of us will ever make. It follows that great care should be taken when choosing the right professionals, products, and services to help fulfill the goal of home ownership. One of the most important things of course is finding the best mortgage loan to help fund your home purchase. While the interest rate is fundamental it is definitely not the only factor to consider.
Finding a good real estate agent
Quite often finding a real estate agent is the first step. You should look for someone with high integrity who is genuine, knowledgeable, diligent and will always work to your best interests. You might not want to choose the busiest listing agent in the area because you may not like what you get, namely an inexperienced assistant or worse someone with no time for you! Choose someone who comes recommended by someone or who has good genuine reviews online for working with buyers. Talk to them and pay attention to your gut on whether they are a good fit for you or not. Once you have a good agent on your side he/she will be able to help you choose the rest of your team. Agents are not allowed receive kickbacks for referring you to lenders so you don't need to worry about that.
Evaluate your individual financial circumstances and loan requirements.
Your real estate agent should be able to recommend some lenders and brokers to you based on your individual circumstances and will help you evaluate your needs. Different lenders have different strengths and weaknesses so you should go to the lenders who are most likely to meet your needs. For example one lender might be great for people with poor credit but they may not have the best rates available if that is not you. Some lenders have a very hard time lending on Condos while others specialize in them. Another example would be a lender who specializes in Rehab loans. Many people feel loyalty to their retail bank and think that they should go there for a home loan but this is not always a good idea.
Talk To More Than One Lender and Ask the Right Questions
Once you have a list of recommended lenders or brokers who are likely to meet your needs, be sure to talk to more than one so that you can compare whats on offer. Brokers will be able to offer you products from different lenders while other lenders are tied to offerings from their own bank.
Some questions that you should ask prospective lenders.
1. What fixed interest rates are available to you?
2. What are the down payment requirements?
3. Will PMI (private mortgage insurance) be required and if so how much, and what are the terms.
4. What would monthly payments be?
5. Are the prepayment penalties?
6. What is the typical loan processing time?
7. What lender fees and other closing costs will be required.? (These can be highly variable)
8. Can I buy points and does it make financial sense?
9. If you plan on being in a home for a short term, ask about ARM offerings. (Adjustable Rate Mortgages)
10. What hours do you work and how would I communicate with you?
11. Will you always be the one dealing with my loan or will it be passed to another processor?
12. Are there other products with lower rates that I might qualify for?
Conversations with prospective lenders and the answers to the above questions should really help you decide which lender and which loan best suits you and your needs.
Contact me at anytime if you are in the Tampa Bay Area and would like a free home buyers consultation. Among other things I can point you in the right direction to get a home loan that is right for you. **727-967-0928** [email protected]
Author:Conor ONeill Phone: 727-967-0928 Dated: March 31st 2017 Views: 472 About Conor: ...
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"I have numerous colleagues that are Realtors that I work with on a regular basis due to my profession. I used to be a Realtor myself. Micaela takes the time to listen to, and get to know her clients in a very warm and professional manner. She is not superficial in any way, and truly becomes immersed in the experience of buying or selling a home with you. I tend to have a short fuse, and Micaela does not get anxious, or take anything personal. She remains the calm in the storm, and the guiding light in the darkness. She will not sway you one way or the other to her benefit, but will help you gain clarity, explore options, and make sound decisions. I have utilized Micaela on multiple transactions (buying and selling), and will continue to partner with her for my real estate endeavors. Call Micaela for your buying or selling real estate needs. You will be thankful for having such a wonderful soul by your side."