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LOCATING THE RIGHT LENDER FOR YOU

By Marge Harris

With great interest rates available, many people contemplate purchasing a new home or refinancing their current home. To this, I applaud you! Take time to take advantage of what is available to you! Lower rates obviously help many home buyers (whether "first time" or as a "move-up"). Others refinance in an effort to either lower their monthly mortgage, or use the equity they have accumulated to pay off credit cards, student loans, etc.

Regardless, an important step for you is finding the lender with a program that meets your needs. When contacting lenders, here are several questions you should ask and understand the answers to:


Marjorie S. Harris
Real Estate Broker
Senior Real Estate Specialist
[e-Pro Certified]

  1. What types of loans are available (given your personal situation)? Remember, not all lenders offer the same loans (i.e. conventional, ARM, FHA, VA).

  2. What are the interest rates? Can you lock in the interest rate? For how long?

  3. What are the loan fees and when are the fees to be paid (upfront/closing)?

  4. Will your loan require Private Mortgage Insurance (PMI)? How much?

  5. Are escrow accounts for property taxes and homeowners insurance required?

  6. How long does the loan approval process take?

  7. Will you receive a written loan commitment?

  8. Who will be "servicing" your loan?

  9. Is there a pre-payment penalty? If so, is it required if I sell my home? How is the penalty calculated (flat fee or percentage)?

References are indeed an excellent method for learning about reliable lenders in your area.

To make an "apples-to-apples" comparison between lenders, click here to use my "Buyer's Expense Sheet": info@margeharris.com .

©2002 Marge Harris. Publication or use of this article on or off-line without written permission from Marge Harris is prohibited. If you would like to use Marge's articles on your Web site or in your publication, just email Marge for details!

Email Marge
info@margeharris.com
www.MargeHarris.com

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