In the event you're ready to purchase a brand new house, you are going to need a Home Purchase lender. And finding one on-line is handy and easy! However, there are some things you must look out for to make sure that your lender has your pursuits--and not his--as his prime priority.
Ensure that your lender presents choices
There are quite a lot of choices apart from the normal 30-yr fastened charge mortgage. Relying on your wants and personal situation, an Adjustable Fee Mortgage (ARM) or Interest-Only mortgage is perhaps a better match for you. Or, possibly, you might favor a mortgage with an extended or shorter term. A very good lender should be able to offer you a wide range of options so you can find the one which best suits your needs. Be cautious of any lender that tries to push one specific type of loan.
Get your "pre-approval" in writing
Some Home Purchase lenders will "pre-qualify" you--however that does not mean you are guaranteed to get the mortgage! In fact, generally, "pre-qualification" means nearly nothing at all. Choose a lender who will "pre-approve" your application instead, which is a more concerned process. While you've been "pre-accepted," the loan officer has contacted your employer, financial institution, credit card firms, etc. Once you're "pre-approved," you're a lot more more likely to get the ultimate approval on your loan.
"Lock in" the rate you're quoted
Interest rates change almost each day--they can be down on Monday, and sky-excessive by Friday! And a few lenders will quote you an excellent low charge to get your online business, regardless that they know the rate may change by the time your mortgage is finalized. If a lender quotes you an interest rate, ask him/her to "lock it in" for 30, 60 or 90 days. Respected online Residence Purchase lenders will guarantee you your promised fee even when it takes another month or until you close the loan.
As soon as you know your on-line House Purchase lender is willing to offer you options, pre-approve your loan, and lock-in your price, it's time to compare rates, fees and different prices to be sure you're getting the best deal.
Author Resource:
Faith Richards spends most of her days online helping others help others. Her most recent quest is at http://homeequityloansinformation.org/. To see what type of home equity loan is right for you, I invite you to review home equity loans fundimentals today.
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