When you are planning to buy a house, the most important step is choosing a mortgage lender. This step will ensure you will be a happy homeowner.
Every lender offers different fees and interest rates, so it is worth consulting multiple professionals. If you buy a house that costs $250,000, just ¼% points to a mortgage of 30 years with just $10,000 in interest.
You need to understand the different options available to make an informed decision. An Orlando realtor will help you come up with the perfect package and offer you advice on what to and not to do. Understand the trade-offs, read the clauses clearly and ask questions if you don’t understand something.
Let’s look at the three things you should do before finalizing a lender:
Compare Rates
NEVER go with the first lender you consult. Talk to at least five lenders, including banks and credit unions, to find out what deals are currently going around in the market. Finalize three lenders and then decide based on how they communicate with you, how forthcoming they are and if they go the extra mile to help you.
Talking to just one lender could mean you are missing out on lucrative deals. Prepare a list of questions to ask the lender and clear any confusion you have about the lending process. Take note of how patient the lender is when answering you. With expertise, you also need to look for people skills to put yourself at ease that you made the right pick.
Find Out If You Can Qualify for an Assistance Program
As a first-time homebuyer, you might be eligible for down payment and closing cost assistance programs. They help you save thousands of dollars in the purchase process. The programs vary from state to state and the location of the Orlando real estate.
Lenders even offer specific mortgage products that offer ease to first-time buyers. The purpose of these programs is to create long-term loyalty.
Consider the Individual Lender, Not Just the Company
A lending company has created a name for itself, and many people talk about it. However, when you went in to talk to an agent, you didn’t receive a warm welcome. The agent was snippy, and it felt like he wanted to be done with you as soon as possible.
Experience and trust are two factors that apply to an individual lender. So, a company might have great reviews due to a certain loan officer. It’s possible that the agent you work with might not be well-versed in the process.
In conclusion, when choosing a lender, make sure they are an experienced individual. Your decision should be based on the reviews of past clients they have personally dealt with, their expertise, and how they talk to you.
If you are looking for quality house listings, visit the Megan Dowdy Realty website. Consult their professional Winter Garden realtor to determine what type of Orlando real estate you would qualify for. For further information, call 407-509-9279.