Let’s get talking about how you can get the best possible mortgage. Your mortgage controls how much you pay for your house and how much you pay in interest along with determining your monthly housing payment. That means it’s pretty crucial to be on top of it!
Did you know that you can (and should!) shop around to different lenders to find your best mortgage options. I recommend getting a pre-qualification from you bank/credit union. Ask if they have a loyalty program for getting a home loan with them. A local lender, that’s me! As a local lender I know all the city/county programs that can help you get the most bang for your buck. AND a big bank - because sometimes they are able to cut their margins to your benefit. Each lender will offer different rates, terms, and fees, and you also want to find someone you feel comfortable working with. Like your real estate agent, once you select your lender, they’re there to help you through the home buying process.
When you settle on a lender you love and will offer you a good deal on the loan, it’s time to get honest with them and tell your lender these three things.
1. How long you’re planning to live in the property. This will help your lender understand your plans and help you select the right kind of mortgage loan and loan term. There are many different kinds of loans, each with their own pros and cons that will fit different situations. (Like fixed vs. adjusting rates!)
2. If you’d rather have a lower monthly payment or have more cash in your pocket after closing. This is all about your down payment and your interest rate. If you want to have a lower monthly payment, your lender might recommend putting a larger amount down because your overall mortgage loan will be decreased as a result. But if you want more cash, a smaller down payment will give you more funds to work with after closing
3. If you want to keep the property long term or if you’re planning to sell within a few years. If you want this home to be your forever home, your lender will recommend a different loan than they would if you’re buying a starter home that you want to sell in a few years. Again, there are many different loan options out there and your lender will be able to help you select the best option for your needs.
As your lender we are here to support you and we can customize your home loan so you end up with a mortgage that’s perfect for your unique situation. When you tell your lender these three things, they’ll be able to provide you with the most personalized mortgage that will get you into the home of your dreams.
If you need a recommendation for great, trustworthy lenders in our area who are pros at customizing mortgages, or you’re in California and want to see what I can prequalify you for - just text me 831-888-7530.
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