A few tips on How to Save Money when buying your Wellington Florida Home
You can call around all day getting mortgage quotes from various
lenders however; what you are told on Monday may not hold true on
Tuesday.
My
recommendation is to find two or three lenders and interview them
like you were a perspective employer. In a sense you are an employer,
you are paying this person to complete a task for you. You should be
comfortable and confident in the individual as well as the institution.
A lender who is willing to take the time to review the entire mortgage
process with you is the one you want to "employ." Additionally,
if a lender doesn't return your initial call in a timely manner they
may not return future calls any faster. I'm not telling you to expect a
call back with in ten minutes, but if a day goes by and nobody has
called you back that usually implies the lender is either too busy or
has bad communication skills, no matter what the reasoning is that's
probably not the best lender for you.
After
you choose a few lenders I then recommend going through the application
and approval process with each one of them. By doing this the lenders
will be able to provide you with more accurate information and you will
get a better understanding of how they work .
Now
that you are pre-approved for a loan
each lender should review the different types of loan programs you
qualify for. This is where you might want to sit down with each lender
and have them take the time to explain everything to you. Did you know
by taking a lower interest rate instead of paying points may be costing
you more in the long run? It's information like this a lender should go
over in detail with you and a great lender will be more than happy to
do so.
Prior
to searching for homes I would decide on a loan program,
this way your Realtor knows how to write the offer. Will they need a
FHA addendum? Are you mortgaging 80%? This is a very big decision and
isn't something you should be rushing to decide as your Realtor is
writing the offer.
A
decision that sometimes isn't made until after you find a property is
what lender you are going to choose.
When deciding on lenders make sure you are comparing them apple to
apples. Review "their" fees and rates, not third party fees that they
give estimates for. Also take customer service into consideration,
which lender do you feel the most comfortable with?
While obtaining a mortgage can be confusing and time consuming, taking
the time to compare each lender on a line by line basis will ensure you
make the correct choice. Ask questions, and don't be afraid to push
back and ask for a better deal before you make any final decisions. Taking these steps will
help you save money, either up front or over the life of the loan.
HANSEN REAL ESTATE GROUP INC.
561.333.0446
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