Finding the right lender is as important as finding the right home
Looking for your next home can be an exciting process, but finding the money to afford that new home may not be so exciting. Very few people have enough money on hand to buy a house with “cash,” so you will likely need to finance the purchase with a home loan. It’s highly recommended that even before you start your home search, you should find the right lender that can work with you to become “pre-approved” for a loan to buy your ideal home. With quality home inventory under $600,000 being very low and selling really quickly because of the high buyer demand, having your finances in order before you set out on your house hunt will give you an edge over other buyers.
Even though some experts have suggested that interest rates could rise, they still could be considered historically great rates. To determine what interest rates and loan options you may qualify for, we suggest interviewing multiple loan officers and lenders. Shopping around and getting to know your financing options is key to a successful house hunt, and will help get you comfortable with understanding your future mortgage expectations.
Finding the lowest interest rates is obviously one of the main goals, but keep in mind that finding a lender that will work with your specific situation is equally important. The right lender is one that will sit down with you and tailor your mortgage to your particular needs. Have a good grasp on your finances, and find a lender that you feel you can trust.
It is essential to ask a few specific questions like:
- what is the APR Rate for my loan?
- How much cash at closing will I need to obtain this loan?
If you ever feel like you are not getting straight answers, moving on to find a lender that can confidently answer those questions will likely be a much better option for you.