|
Selecting the right mortgage Weichert Realtors As a homebuyer, you need to give as much serious thought to mortgage options as you do to a home's location and amenities.
So, what do you need to know to secure a mortgage that is financially right for you? According to Weichert Financial Services, one of the Top 31 lenders in the United States*, following these few basic guidelines will help you make a sound decision.
Don't judge a mortgage by interest rate alone. Instead, make sure its terms and conditions are in line with your future plans and financial resources. According to Stephen Adamo, president of Weichert Financial Services, fixed-rate mortgages offer tremendous peace of mind, while adjustable-rate mortgages can make sense for buyers who expect to move or trade up in a relatively short period.
Ask questions and more questions. There is no such thing as a dumb question when dealing with something as important as selecting a mortgage. Be sure to ask for an explanation if your mortgage representative is using terms you don't understand. Responsible lenders want you to be an informed borrower.
Most importantly, work with a reliable lender. Buyers should never feel as though they are being talked into a particular loan. Choosing a lender that is reliable is the best assurance that the promised mortgage money will be there at closing. With mortgage guidelines changing every day, it is important to select a lender that is on top of changes and able to provide a wide variety of options.
*According to industry newsletter "Inside Mortgage Finance," based on sales to Fannie Mae and Freddie Mac in the first three quarters of 2008.
Posted: November 15, 2008
More Real Estate Blog: This week | Previous | Search archive
|
