What to Ask When Choosing A Lender

When looking at purchasing a home and acquiring a loan, you’ll be doing some research on lenders. Here are a few questions to ask when choosing a lender to choose the one that best meets your needs:

1. What are the most popular mortgages you offer? Why are they so popular?

2. What fees are included in the loan; and what fees will be due at closing?

3. Are your rates, terms, fees and closing costs negotiable?

4. Do you offer discounts for inspections, homeownership classes or setting up automatic payments?

5. Will I have to buy private mortgage insurance (PMI)? If so, how much will it be and how long will it be required?

6. What are your escrow requirements?

7. What bill-pay options do you offer?

8. What would be included in my mortgage payment (homeowner’s insurance, property taxes, etc.)?

9. Which type of mortgage plan would you recommend for my situation?

10. Who will service this loan – your bank or another company?

11. How long will the rate on this loan be locked-in? Will I be able to obtain a lower rate if the market rate drops during the lock-in period?

12. How long will the loan approval process take?

13. How long will it take to close the loan?

14. Are there any charges or penalties for prepaying this loan?

15. How much in total will I be paying over the life of this loan?

16. Can you tell me how much my monthly payment would be for what I qualify for?

These questions can help prompt an educational discussion with potential lenders that keep you informed and aware of your options and the loan process when purchasing a home.

Ready to start? Contact us for a list of the lenders we trust and work with. Once you have your pre-approval, we’re ready to start the home search process.

 

Why Choose a Realtor?

Here at Waypointe Realty we focus on helping buyers and sellers navigate through the complexities of real estate to secure value on their next real estate transaction. But many people wonder why on earth should I use a real estate company to help me buy or sell my home?

Continue reading “Why Choose a Realtor?”

5 Home Buying Myths

Misconceptions in Home Buying

Many people dream of home ownership. Unfortunately, a number of myths seem to persist year after year. Recognizing at least these five myths may help you finally become a homeowner.

Myth #1 – Buying Is Always Better than Renting

Over the long run, owning a home does make a lot of financial sense. However, if you see yourself only occupying a home for a couple of years, then you may be better off paying rent. That’s because real estate market values can change significantly in a short amount of time. You may actually see your home’s value go down for a period of a year or two, and that is bad news if you’re hoping to turn a profit. On average, you’d have to spend between five and seven years in a home just to break even when you sell. If you’re not going to be in that home for that long or even longer, then renting could be a safer alternative. Continue reading “5 Home Buying Myths”