Sure, the home photos on Zillow look great, but what should you look at when you first visit that...
You know to hit up your lender for the most current interest rate information, but lenders can provide a wealth of information and help regarding other topics surrounding your loan. Here are three questions to ask your lender after having the interest rate discussion.
What fee can I pay to get a lower interest rate?
Besides guiding through the maze of mortgage discount points, your lender can advise you on the use of seller concessions, temporary rate buy downs, and adjustable rate mortgages.
What programs or strategies are do you have that can help me with out-of-pocket costs or monthly payment.
The state of California is rife with down-payment assistance programs (many found here). Your lender can help walk you through the programs and determine if you’re eligible. They also have their ear to ground on upcoming new, or temporary programs that will soon be available.
What can I do with my credit to get the best terms and rates possible.
A good honest discussion about your credit score will go a long way to determining your rate and monthly payment. Your lender can take a look at your credit, then help you determine which payments to shore up in order to raise your score.
If you are in the process of purchasing a new home, connecting with a lender early in the process is a great idea. Your real estate professional most likely has a lender (or lenders) they work with regularly, so be sure to ask them to provide lender information.
Ed Justen -DRE: 02221512 - Affiliated with Keller Williams. All advice and information given on this blog is sourced from publicly available websites and common knowledge. Got questions? Click here to book 30-minute meeting with me.
