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Facts
You Need to Know . . .
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| MIP
. . . |
You
can avoid MIP two ways - a
lender paid mi program, or to obtain a low interest rate
second from the seller. |
| Junk
Fees . . . |
Some
lenders include "junk fees" and they can be avoided.
Get your fees in writing up-front. |
Realtor
Referrals . . . |
Realtors
typically refer borrowers to a lender they know will get the
job done. Ask about their history with that lender. |
| Credit
Fees . . . |
Some
lenders may run a simple single agency credit report for free
and others may charge a fee. A standard credit report most often
used in the loan process (once you have selected your lender)
costs approximately $50. This typically includes information
from three major credit repositories and insures that the lender
understands your overall credit worthiness. |
| Credit
Scores . . . |
Your
credit score may worsen every time your credit is run. So think
about it before you let just anyone pull your credit. |
| Loan
Types . . . |
There
are advantages and disadvantages to every loan program. At pre-qualification
a lender should be able to tell you about the programs most
suited for your specific needs. |
| Rates
. . . |
Bet
you didn't know that most lenders change their rates daily,
which means that no one has the best money all the time. |
| lenders
. . . |
Mortgage
lenders take your "package" to the lender with the
program most well suited for you. It is their business to know
know which lenders have the best rates and which lenders are
likely to approve you with the least hassle. |
| Pre-Payment
Penalty . . . |
Some
lenders charge a pre-payment penalty if you pay off your mortgage
early. If your loan comes with a pre-payment penalty, it must
be disclosed in your "truth-in-lending statement"
that you receive after you submit your loan application. Details
of the percentage charged, the number of years it is in effect
and the amount by which it diminishes, if any, will be included
there.
Could
it get any easier?
Call Traci, 770)428-1392
or send an email
and we'll call you
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