Buying a home is the biggest financial liability you will ever make in your life (if you don’t count having a child), and unless you’re paying for your home out-of-pocket, you’ll need to get a mortgage.
Mortgage loans can be complex and tough to get through, but you shouldn’t just pick one and call it a day. If you’re shopping for mortgages, here are a few tips to ensure you come out on top.
Don’t type, talk
It can be tempting to complete your entire mortgage process on the internet, but it’s in your best interest not to. You can use the internet to shop around, look at the various rates provided by different lenders, and even figure out an estimated monthly payment. However, when it comes time to actually apply for the loan, you’re better off going to the establishment and talking with someone in person. Too much can get lost in translation if you try to do it all over the internet.
You’re shopping for lenders, too
When you scour the internet comparing rates and talking with financial advisors about which loan is the best option, don’t forget that it’s not just about the rates. When you sign that application, you’re entering into a financial contract with another entity, and you want to make sure it’s someone who will help you throughout the process. Roughly 63% of homeowners are behind in their mortgage payments and don’t know about the services that their lender can provide to help them, so having a quality lender is ideal.
Not all fees are set in stone
Usually, a good lender will walk you through the various fees associated with the loan process and can explain to you why some are necessary. They might also explain that some are completely negotiable as well. When it comes to finding out which fees are which, you should inquire with your lender or attorney.
An important thing to remember as well is that your rate doesn’t have to be what it is forever, and you can opt to refinance down the road. That way you can reduce your rate or change lenders if you want, giving you a better deal. Just be sure to find a local entity, so if you live in Redding, CA, you’ll want to look at refinancing in Redding, CA.
Looking to apply for a home loan? Curious about refinancing in Redding, California? Give us a call today to discuss potential options.