If buying a home is in your future there is some information you may want to know before stepping out into the real estate world.
The steps to successful financing
Examine your finances. Before you
Get A Pre-approval letter Once you know your own finances, sit down with a lender of your choice and review your options for a loan. You can choose a bank, mortgage broker or private lender and each has their advantages and disadvantages. A bank has
Consider what type of loan is best for you. Compare fixed-rate with adjustable rate mortgages. Look down the road. Where will you be in 15 years, 30 years? What obligations might you have? Take those things into consideration as you choose a loan.
While you're shopping for a loan, also look for the best loan costs.
These may include:
• Interest rates
• Broker fees
• Points (each point is one percent of the amount you borrow)
• Prepayment penalties
• Loan term application fees
• Credit report fees
• Appraisal costs
Ask about Pre-payment. You can shave years off the length of your mortgage by restructuring the way you pay back your loan. Simply paying more frequently can save thousands in interest. So can making a lump payment toward the principle - or paying a little more each month. These methods are called pre-payment.
When you are ready to proceed with your real estate buying venture, don't forget to contact us for all your buying services. It cost buyers NOTHING to use the aid of a buyers agent and you have the protection of knowing we are on your side only. Buyers agents only have the interest of the buyer at heart and not one particular seller. Consider Coldwell Banker United Brokers for all your Clark