3 Things To Consider In An Online Home Purchase Lender
You will be needing a home lender if you are ready to purchase a new house. And finding one online is convenient and simple! However, there are a few things you should look out for to ensure that your lender has your interests--and not his--as his top priority.
Your lender should offer you some options
There are a lot of options other than the traditional 30-year fixed rate mortgage. An ARM (Adjustable Rate Mortgage) or Interest-Only mortgage might be a better fit for you depending on your personal situation and your needs. Either that, you might prefer a loan that has a longer or shorter term. A variety of options should be offered to you by a good lender to ensure that you can find the one that will best suit your needs. You need to keep an eye out for those lenders who are only pushing one particular type of loan.
Get your "pre-approval" in writing
There are home lender who will pre-qualify you, but this isn't your guarantee that you will be getting a loan. In fact, pre-qualification means almost nothing at all in most cases. Instead, try choosing a lender who will pre-approve your application which is more involved process. The loan officer has contacted your employer, bank, credit card companies, etc. when you have been pre-approved. Once you're "pre-approved," you're a lot more likely to get the final approval on your loan.
"Lock in" the rate you're quoted
When it comes to interest rates, they can change daily which means they can be down on Monday and sky-high by Friday. And some lenders will quote you a super low rate to get your business, even though they know the rate may change by the time your loan is finalized. Ask the lender to lock in the interest rate for 30, 60, or 90 days if he or she quotes you an interest rate. Your promised rate will be guaranteed by reputable online home lenders even though it may take another month or two until you close the loan.
It's time to compare rates, fees, and other charges once you know your online home lender is willing to offer you options, pre-approve your loan, and lock-in your rate in order to make sure you're getting the best deal.
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tags:finance,loans,mortgages,credit
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