For most people, buying a home is the biggest purchase of their life – and it is one that more often than not will require you to borrow at least some amount of the purchase price. Thanks to the Internet, it is now easier to compare interest rates, and even fill out a mortgage loan application. Today, shopping for almost anything can be done online from your home or office. But, while looking online for a mortgage lender can help you to save a great deal of time, it is more important than ever to ensure that you get the best deal possible from a reputable lender.
For instance, obtaining a quote for a mortgage rate can be a bit tricky. As an example, in some cases you may be presented with actual interest rates, while in others you may be looking at the APR (Annual Percentage Rate). And these are not the same thing.
In fact, they can actually be quite different. That’s because the Annual Percentage Rate doesn’t just include the repayment of principal and interest, but also an estimate of other expenses and fees that will be “rolled into” your mortgage.
In addition, each mortgage lender can differ somewhat with regard to what information they require from you. Here, for instance, while lenders all want proof that you’ll be able to repay the loan (such as pay stubs and past tax returns), some may allow you to upload this information online, while others will need you to set up an office visit with a local representative.
In any case, there are some things you can do that can help to ensure that the home mortgage process moves forward more seamlessly. These can include getting your credit score in shape (because higher credit scores will usually equate to lower interest rates on loans), as well as getting pre-approved for a mortgage before you make an offer on a home.
When you’re ready to start looking for the home of your dreams, Contact Us. We’ll work with you on narrowing down the very best property for your needs, in the location that you desire. And, if you have a home to sell, we’ll provide you with a free, no obligation property valuation.