Finding the right loan for your home purchase
Before you purchase a home, or before you even begin the house hunt, one of the biggest decisions you must make is which lender and which mortgage is the best fit for you. Mortgages are not a one-size-fits-all product, so arm yourself with the information you need to make a sound decision.
When considering mortgage lenders, ask these questions:
- What types of mortgages do you offer?
- Which mortgage products are the most common with your clients and why?
- Is there a mortgage that best fits my needs? Why?
- What are your rates, fees and closing costs?
- Are your terms and fees negotiable?
- Will my mortgage require private mortgage insurance (PMI)? If so, how long will I need to carry PMI?
- Will you service the loan, or will it be handed off to another company?
- How long will your quoted interest rate be locked in?
- How long will it take for my loan to be approved and how will that affect closing?
- What are the terms of my loan (interest rate, fixed vs. variable rate, down payment required, etc.)?
- Is there an early payment penalty associated with my loan?
Understanding the timing, terms and fees associated with your loan and your closing will help you plan ahead and budget accordingly. Asking questions early and often will help you avoid any unpleasant surprises, and be sure to ask your real estate agent for any tips based on their years of experience as well.
If you are selling or buying a home in Steamboat Springs, contact us today using the form below. We will put our nearly 30 years of experience to work for you.