Loan Originator is crucial. They’ll ensure you’re not leaving money on the table by connecting you with programs that fit your needs. Understanding Private Mortgage Insurance (PMI) e (PMI) If your down payment is less than 20%, you’ll likely need to pay private mortgage insurance (PMI). This fee protects the lender in case of default but adds to your monthly costs. Make sure you factor this into your budget. Credit: The Deal-Maker (or Breaker) Your credit score plays a huge role in determining your loan options and interest rates. If your score isn’t where it needs to be, don’t worry—there are options that could work for you. An experienced Loan Originator will have trusted connections with credit repair specialists. These professionals can help clean up errors on your credit report, advise actions to improve your score, and put you in a stronger position to secure a favorable loan. Don’t hesitate to ask for their advice—it can be a game- changer. Think of a Loan as a Product Mortgages aren’t just loans; they’re financial products, and not all products are created equal. When comparing loans, don’t just focus on the interest rate. Look at: • Points: Upfront fees that lower your interest rate over time. • Origination Fees: The cost of processing your loan. • Loan Terms: Fixed vs. adjustable rates, loan length, and other features. A "no-fee" loan might sound appealing, but remember, those fees are often baked into higher interest rates. A good Loan Originator will help you weigh the pros and cons of each option.
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