Buying a home (and getting a mortgage) is one of the most important events in your life and can be one of the most pleasant or the most stressful. I can help you with buying a house; here are some ideas on finding a good mortgage lender.
1) Decide what you need and want. Do you need someone to be there for you at each phase of the process? Or are you the type to fill out a form on the internet and hope all goes well with the financing?
2) Ask your friends and family. Word of mouth is a great way to find a good (or avoid a bad) lender.
3) Ask the lender if they will be there for you when you have questions in the evening or on the weekend. What are their hours? When are they available? Will they be there for you when you have questions next year or if you want to refinance a few years down the road? Ask them to explain the forms and terms or words they are using. Can they explain them well; are they knowledgeable about their work?
4) Ask how long the lender has been in business. Is he or she new to the mortgage industry? What is their background? What kind of experience do they have in the business? What kind and how much training have they had? Interview a potential mortgage lender; ask questions. What about their company; is it stable and trustworthy?
5) Ask the lender to give you a breakdown of your costs. They should readily give you a Good Faith Estimate...without charge. Ask them to explain the costs and programs they are offering you. Get details. Do they seem truly attentive to your needs or do they seem determined to get you into a program that you aren't really comfortable with?
6) Steer away from lenders who are new to the business and/or who work for a company that is new to the area. If a lender feels compelled to make excuses for his company and their practices, he doesn't have confidence in them; why should you? If the costs seem too high, maybe they are; get a second opinion ASAP!
7) It really boils down to trust and confidence. Are you comfortable with this person who is going to assist you in making one of the biggest investments in your life? Do you trust that they will give you the best program for your needs? Will they be there when you need answers? Do you feel you can count on them to be there for you?
Are you worried about taking on a mortgage commitment for the next 30 years? Here´s how to take years off your mortgage loan! If you want to save thousands of dollars on your mortgage and pay off your loan at a faster rate, divide your monthly principal payment by 12 and add that amount to your monthly payment. By the end of the year you´ll have made an extra payment! For example, a $250,000 30-year mortgage at 7% (pretty high for today´s market!) would be about $1,600 per month in principal. If you add an additional $140 to that each month, you will pay off your loan 6 years early and save about $84,000 in interest! Be sure all additional payments are credited to principal, not to your escrow. There should be a place on your payment coupon where you can make that distinction. Email Nancy
today so we can help you find the perfect house and work for you to get you the lowest possible purchase price.