#local lender

Being prepared and working with the right local lender will make the homebuying process run more smoothly.

Q: What mortgage loans do I qualify for?

Q: What's the minimum needed for a down payment?

Q: What's the interested rate and annual percentage rate?

Q: What will my closing costs be?

Q: How lone will the loan process take?

It’s never too early to speak with a local lender to learn more about the process. If you don’t already have a lender, please contact me. I would be happy to provide you with recommendations for knowledgeable, local lenders who will help guide you through the mortgage process. 🏠

There are a few common misconceptions about getting a mortgage that may be holding you back from taking the next step. Below are 3 common myths about homeownership.

“I need a perfect credit score to qualify.” ✨ While a good credit score helps, there are various loan options available for different credit profiles. Local lenders can work with a wide range of credit scores.

“I need to save up at least 20% for the down payment.” 💵 There are programs with lower down payment options and opportunities to qualify for down payment assistance. Your local lender will crunch all your numbers up front, so there are no surprises.

“I’ll wait for interest rates to go down.” ⏰ You are not locked into the same rate for the entirety of your ownership of the home. You can always invest now to begin building equity and generational wealth, and then opt to refinance later if rates decrease. What other concerns do you have about the mortgage process? It’s never too early to speak with a local lender to learn more about the process. If you don’t already have a lender, please contact me. I would be happy to provide you with recommendations for knowledgeable, local lenders who will help guide you through the mortgage process. 🏠

Being prepared and working with the right lender will make the home buying process run more smoothly. 

Here are 6 questions to ask your mortgage lender:

1.  What mortgage loan do I qualify for?

2.  What is the minimum required down payment?

3.  Do I qualify for any down payment assistant programs?

4.  What is the interest rate and annual percentage rate?

5.  What will my closing costs be?

6.  How long will the loan process take?

It’s never too early to speak with a local lender to learn more abut the process. If you don’t already have a lender, please contact me. I would be happy to provide you with recommendations for knowledgable, local lenders who will help guide you through the mortgage process.

With the recent rise in interest rates, it’s important to know all of your options as you being the process of buying a home. 

ARM = Adjustable Rate Mortgage

ARMs are long-term home loans with two different periods, called the fixed period and the adjustable period.

Fixed period: First, there’s an initial fixed-rate period in which your interest rate won’t change.

Adjustment period: Then, there’s a period in which your interest rate can go up or down based on changes in the benchmark. 

What is a 5-Year ARM?

A 5-year ARM is a mortgage loan that has a fixed interest rate for the first 5 years of the loan. After that initial period, the interest rate of the loan can change (adjust) once each year for the remaining life (term) of the loan. This term is typically 30 years.

What is a 7-Year ARM?

A 7-year ARM is one with an initial fixed period of seven years. The rate can't change during that period. For many homeowners, that time frame will exceed the length of time they keep the house or mortgage.

I’d suggest speaking with a local lender to find out what makes the most sense for you. If you don’t already have a lender, contact me. I would be happy to provide you with recommendations for knowledgable, local lenders who will help guide you through the mortgage process.

Finding a trustworthy and knowledgeable lender and choosing the right loan for your purchase are as important as the neighborhood and home you put an offer on. When selecting a lender, be sure to ask the right questions.

Here are five questions to ask:

Are points included in the quoted interest rate? Points are upfront fees – equal to 1% of the loan amount for each point – paid to reduce the interest rate on the loan. Be sure to clarify whether the quoted interest rate includes points and, if so, how many.

What are the closing costs? Closing costs are typically between 2% and 5% of the total loan amount. In addition to lender closing costs there are title company fees and a  a $295 transaction fee to Reinhart Realtors. Closing Costs do NOT include Realtor Commissions. This is paid by the seller at closing. 

Is it a fixed-rate or adjustable-rate mortgage? A fixed-rate mortgage keeps your interest rate and mortgage payment locked for the entire duration of the loan. An adjustable-rate mortgage (ARM) can adjust after a designated period depending on the market, potentially increasing your monthly mortgage payment substantially.

Can the interest rate be locked down? The interest rate offered by a potential lender isn’t a guarantee — unless the lender can lock it for you. If you are offered a particularly low rate, make sure you know when you need to lock it and how long it can be held.

Are there prepayment penalties? In exchange for a lower interest rate or lower out-of-pocket costs upfront, some lenders will charge a prepayment penalty. Depending on the terms, the prepayment penalty might have to be paid before refinancing or selling the home within a designated period. It’s important to know beforehand exactly what your loan requires. If you don’t already have a lender, contact me. I would be happy to provide you with recommendations for knowledgable, local lenders who will help guide you through the mortgage process.

Being a first-time home buyer can be an exciting and nerve-wracking experience. Follow this link to learn how to make it easier.

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