WHAT DO YOU NEED TO LOOK FOR IN A MORTGAGE LENDER?
There are some mistakes you could avoid in choosing the right one. This is where knowing which lender is better for you will come in handy. Here are a couple things to look for while searching for the right lender:
THE INTEREST RATEFor starters, one trait of any good mortgage lender will be their low interest rates. That being said, an interest rate isn’t everything, you also needs to look at other important factors such as, monthly payments, APR and so on.
THE FEESIt is also important to note that there are other costs that come along with the mortgage as well, the fees that a mortgage lender charges will usually differ significantly. This is why the fee should be clearly explained. You can also find lenders who offer mortgages without any closing costs. That cost may be calculated into interest rate, so it’s best to ask and understand how the fee is being calculated before you sign on the dotted line. A good lender will explain these fees to you, and help you figure out which loan program is best for you.
A VARIETY OF MORTGAGE LOANSA good mortgage bank will also usually have a variety of mortgage loans on offer. Most banks offer the 15-year or 30-year mortgage options along with fixed and adjustable rate mortgages, but there are also those who offer other mortgage plans that can make the borrowing even more flexible and easy to pay back in the long run.
PENALTIESBeing privy to the penalties is also a good idea when getting a mortgage loan. You would want to pay attention to any penalties for early repayments, which will seriously affect your ability to move or even refinance your home in the long run. A good lender will make sure you understand your repayment options, making it easy and less frustrating.
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