If you’re planning to buy an apartment then you’ll need a home Purchase loan. It’s simple and easy! But there are a few things to look for to make sure that your lender will put your best interests in mind, not his. first priority.
Be sure that your lender provides choices
There are many alternatives to the standard 30-year fixed-rate mortgage. Based on your specific needs and your personal circumstances and Variable Rate Mortgage (ARM) or an Interest-Only mortgage may be a better match for you. Perhaps you’d prefer to take out a loan with a longer or shorter duration. A reliable lender will provide a range of options to choose the one that is most suitable for your requirements. Beware of any lender who tries to sell you a particular kind of loan.
Find the “pre-approval” on paper
Certain Home Purchase lenders may “pre-qualify” you, but it doesn’t mean you’re bound to receive the loan! In reality, in the majority of instances, “pre-qualification” means almost nothing. Select a lender that is able to “pre-approve” an application this is a more complex process. If the loan has received “pre-approved,” the loan officer has spoken to your bank, the employer as well as credit card companies, and so on. After you’ve been “pre-approved,” you’re a greater chance of getting the final approval for your loan.
“Lock into” the price you’re given
Rates of interest change frequently. They may be low on Monday and up on Friday! Some lenders will offer you a very low cost to start your business, even though they realize the rate could change by the time the loan is completed. If a lender offers the interest rates, you should ask the lender to “lock it in” for 30-60 or 90 calendar days. The most reliable home Purchase lenders will ensure you the rate they promise even if it takes a month or two to complete the loan.
When you’ve confirmed that the home Purchase lender is prepared to give you choices, you can pre-approve your loan and lock in your rate, you’re now able to look at rates and fees, as well as other charges to ensure that you’re getting the best price.
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