By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money.
It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it's the interest rates or the down payments that vary.
Before speaking with a lender, know what monthly dollar amount you feel comfortable committing to. Then when you discuss mortgage pre-approval with your lender, it is easier for you to determine the monthly amount and what value of home the monthly amount translates into. Do not put yourself in the position where you will be paying more each month than you intended simply because the dream home requires it.
Do your research on the types of mortgages available to you and find the one that best suits your needs. There are a number of considerations to be made in terms of finding the best mortgage for each individual:
What type of market are you in? Are the interest rates falling or rising?
Do you want a fixed mortgage rate, where you will always know what your payment is going to be?
What are your long-term goals? Do you intend to resell the property? Do you only need the mortgage for a short time?
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Linda and Dave were excellent in several areas with the sale of my home. This included communications, market knowledge and getting the job done. They always returned calls promptly.Ann B.
This note is to let you know how much I appreciated working with you over the last 5 months. When I was selling my duplex you showed me information about the market that I was naïve to. When the buyer was dragging his feet, you said the appropriate words to get him going. During my search for a replacement property you were extremely patient. You spent many nights at the office until 8 p.m. When we finally found the perfect deal you were quick and stealth like. We had the property tied up before most people knew the property was available. Then there was all the paperwork before closing. I would have most assuredly gone mad if you were not there to sort things out. I appreciate all the work you put in to make these deals work. I look forward to working with you in the future.Pete F.