several times in a single day. You can generally get a reasonable rate from a mortgage broker, a bank, or a mortgage lender. It’s up to the buyer, depending on the situation. However, for a Conventional Loan, if you’re going to buy a home and your down payment is less than 20%, you will need private mortgage insurance or PMI. FHA is generally 3.5% down, VA and some USDA are O down. Check with your local lender for particulars. This is only a guideline. To find the best mortgage professional to guide you through the process of buying a home, seek advice from Me, colleagues, or friends. Banks are generally known for having the fewest mortgage options because their products are tailor-made to suit the bank’s interests. However, they can also be more flexible, as they are the ones lending the money. If the buyer owns other assets, making a deal with a bank may go a bit smoother. Mortgage brokers are known to offer the largest amount of options. Working independently and with several financial outlets, generally, brokers can find the best loan for the buyer from different lenders. Now that you’ve identified the house you want to buy and have a professional mortgage advisor, how do you get the best mortgage deal? The first step is a comparison of different interest rates. It’s easy to get quotes from companies since most of them offer these services online. However, as the buyer, you should be careful not to just compare interest rates. The best option is to compare the interest rates and all the fees, including origination fees, points, and any other fees that the lender might include in the deal. Any loan regarded as a no-fee loan means that all the fees have been included in the rates and as the buyer, you should make a
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