Mortgage Tips for Home Buyers

Purchasing a home is a big decision, so when it comes time to buy, most people shop around. Buyers typically tour several homes (at least) before deciding which one is “The One.” Yet many home buyers don’t even think to shop around when it comes to a home loan, which is arguably an even more important decision… After all, you’ll literally be paying for it for decades!

real estate in north Atlanta

If you’re ready to buy a new home, check out these tips for securing the best financing, and then give us a call! The Premier Group is here to help with all of your real estate needs in Woodstock and throughout the north metro Atlanta area.

Interview the person who will handle your loan.

There are several things you should look for when selecting someone to handle your loan:

  • Do they belong to the National Association of Mortgage Professionals or a state mortgage professional association?
  • Do they have good reviews online?
  • Can they provide references?
  • How do they communicate with clients and how quickly do they respond to messages?
  • What are their average turnaround times on preapproval, appraisal, and closing?

Compare rate averages (and do it right).

When comparing quotes from different companies, make sure you are taking more than just the interest rate into account. Many home buyers are surprised to find how quickly a lower interest rage mortgage escalates when loan origination fees, transaction fees, closing costs, etc. are added. Ask for a breakdown of all fees, and don’t be afraid to ask for an explanation if you don’t understand.

And some other tips to remember:

  • Know your credit score before you start. Whether your credit score is high or low, it’s important to know going in so you can be prepared.
  • Find out what documentation you’ll need. Getting a mortgage in 2016 requires more documentation than in years past, so be sure to find out exactly what documents and proof you’ll need to provide to your lender.
  • Be prepared for outside costs. In addition to the costs charged by your lender, it’s also important to prepare for additional costs like title insurance and real estate taxes.

 

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