When you are shopping for a new home, remember to check out the mortgage options as well. You may be working with a preferred lender where you do most of your banking or you might consider a different bank, credit union, or loan company with better terms. Here are some things to keep in mind when you are looking for both a new home and a workable mortgage.
Choose a Reputable Lender
You can find numerous mortgage offers all over the Internet or you might receive offers through direct mail. Some companies are more stable and reliable than others, so go with a lender that has a proven track record and a good reputation. You might want to talk to lenders you have heard about through friends and family or browse mortgage application invitations that you get in the mail. Check out established lenders like AJM Mortgage Inc to evaluate their mortgage loan terms and conditions rather than a company that offers a deal that is too good to be true, because it probably is.
Compare Mortgage Options
Examine the terms and conditions of all the mortgage options you are considering. While the interest rate may be similar, look at the length of the loan, required down payment, PMI as a possible requirement, and monthly mortgage payment. When you do a careful analysis, you have a better chance of finding a lender who can work with your financial situation to get you an affordable mortgage.
Read the Fine Print
In addition to the major mortgage loan elements, such as the loan amount for which you qualify and the monthly payment you will have to pay, check the smaller details in a loan application. For example, is there a grace period for late mortgage payments? If you have to pay PMI, at what point of your loan or change of financial status would you be able to drop the PMI? Mortgage loan application fees, points to be paid on the loan interest rate, and any annual maintenance fees should also be evaluated.
Talk to a Loan Officer
Talk to two or three loan officers to explain your mortgage needs and concerns. Get the facts and take notes to ensure you have accurate information to refer to later. Follow up with the lender if you think of any new questions after the meeting.
Buying a home is an exciting opportunity. Take time to get the best mortgage loan for your needs, since you will likely have to live with those loan terms for many years.
About Anica
Anica is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she's used to putting things to a vote. Also, cartwheels are her specialty. You can connect with Anica here: https://ajmmortgage.com/mortgage/
