Tips for Getting the Best Mortgage

You will find numerous products when you are shopping for a mortgage. Some are geared towards first-time home buyers while others focus on people shopping in specific areas or with certain terms in mind. It can be overwhelming to try to decide which product is the best one for you.

It Starts with the Lender

Before making any decisions about the loan product, you should decide on the lender. You will receive a lot of advice in this area from family and friends who have the perfect recommendation. How do you determine if the person they recommend is right for you?

First, remember that they have been through this and now own a home. (If they don't, beware of their advice.) You must also realize that the person that was right for them may not be right for you. Personalities and needs differ, and you must find someone you feel comfortable working with.

Do your research about any lender you consider. Find out how much experience he or she has and if the lender has any complaints against them.

Review All Terms

Once you have a couple of lenders that you like, compare products and terms. Don't just look at the interest rate or even the APR. Compare closing costs and other factors that will determine how much you will pay for your loan.

Contact the lender and see how you like this person. Ask if the stated rate is the best he or she can give you. You may be surprised at how much you can negotiate. After all, it never hurts to ask.

Once you have narrowed down your choices, make a decision. If you are still unsure, then you have not really come to a decision. You either need to find more options or you to need to figure out why you are hesitating.

Don't forget to include your realtor in the process of finding a lender, particularly if you have any special issues or are looking for a specific loan. A realtor will have the inside scoop on many lenders in your city or county and will be able to provide valuable insight on how is good to work with.

If you are looking for a home or a lender, contact me. I can show you houses for sale in your preferred area and help you begin the process of finding a home. Give me a call to get started on the path to home ownership.

With Low Interest Rates Is Now the Time to Buy?

If you have been renting with the dream of buying someday, you may be watching the news about the housing industry. With low interest rates keeping homes affordable, maybe now is the time to make the leap from renter to homeowner. Several factors play into that decision to help you know which is right for you.

Future Plans

You must consider where you are going in the next few years. How long you stay in your home will help determine if you should continue renting or buy your home now. Part of this decision will depend on your job. If your current job is unsteady or there is a likelihood of being relocated, you may want to hold off on buying. You don't want the headache of trying to sell a home while being transferred to another city or state, especially with very little equity in the property.

Consider the Down Payment

Before deciding to buy, you have to figure out if you have enough money for a down payment. This means more than just meeting the minimum required by the lender, but as much as you want to put into the house to give you some equity to start out. On the other hand, you may not want to put all of your savings into the down payment and have nothing left for maintenance and repairs.

Know Your Finances

Beyond having good credit and a steady job to be able to qualify for a home loan, you also want to know that you have money saved for other expenses and that you are ready to take on the challenges that come with being a homeowner.

If you feel prepared to face the headaches along with the joys that homeownership brings, now may be the right time to transition from renter to owner. If you want to find out what is available in your price range and location, give me a call. I can help you become a homeowner with a property that fits your needs.