By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money.
It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it's the interest rates or the down payments that vary.
Before speaking with a lender, know what monthly dollar amount you feel comfortable committing to. Then when you discuss mortgage pre-approval with your lender, it is easier for you to determine the monthly amount and what value of home the monthly amount translates into. Do not put yourself in the position where you will be paying more each month than you intended simply because the dream home requires it.
Do your research on the types of mortgages available to you and find the one that best suits your needs. There are a number of considerations to be made in terms of finding the best mortgage for each individual:
What type of market are you in? Are the interest rates falling or rising?
Do you want a fixed mortgage rate, where you will always know what your payment is going to be?
What are your long-term goals? Do you intend to resell the property? Do you only need the mortgage for a short time?
I am writing this letter of recommendation,because I called Havasu Realty about a home I had driven by in Lake Havasu City and wanted to see the inside. Suzan James just happened to be on the phone desk that day. She said she could show me the home that afternoon. That was my introduction to Suzan, who showed me a dozen or more homes over the next few weeks.
I explained that I was looking for a fixer-upper because I could probably get more house for my money. She walked me through some homes I'm sure she would rather not have gone through, but with a sense of humor made me feel comfortable looking for my dirty fixer-upper.
I have to say that by the time I found my home I felt very secure talking to Suzan about older homes. She explained how she worked with her husband, who is a contractor, so she could point out things to watch out for in buying an older home.
Finding Suzan on the other end of the phone that day was a blessing, she's a real trooper, a ray of sunshine.
I feel as if I've found a new friend here in Havasu. Thank you Suzan.