OK you are thinking about buying a home.
You have noticed that in the Phoenix area, monthly rental payments have surpassed what buying the home would cost you per month.
You are saving up for your down payment and want to make sure you find the best lender you can and get the best deal possible, but with a sea of lenders coming at you online, how do you choose the best one for you and your family?
Here are some guidelines that we tell all of our real estate clients to help them make the best decision possible.
- You want to work with somebody you can trust and will be there when you have questions a couple of months or a couple of years down the road.
Start by asking family and friends and your real estate agent who they have had success with and who they like.
Don’t ever fill out one of those mortgage forms on sites like Lending Tree who promise to find you the best lender.
You will be inundated with phone calls and email spam from ever ambulance chasing mortgage person out there. This will definitely leave a bad taste in your mouth and you will probably NOT find the best loan deal.
- You will get the most loan options if you decide on a mortgage broker versus your local bank.
Your local bank has one set of rules and guidelines and only a small handful of loan options. This will severely limit your choices.
Going to a mortgage broker will give you a much larger choice of loans and loan companies to choose from.
You want to really shop around because if you end up paying too much interest on your new loan, it could cost your thousands of dollars over the life of that loan.
- Check out your credit. Many times paying off a couple of small items will increase your credit rating which in turn can help you qualify for a lower interest rate.
- Finally even after you receive multiple offers for your loan, try and negotiate a better deal.
Just like the price of a home is negotiable, so are your loan terms and rates. Get as many offers and you can and leverage those against each other.
If you put as much effort into finding the best loan possible as you do for looking for that new home, you will see very good results.
We have a couple of mortgage lenders that we use and trust if you would like a referral.
Happy loan and house hunting!
from The Mark Gunning Team West USA Realty http://ift.tt/1nK577y