Shopping for A Mortgage for Your Frederick Home

Tuesday, September 28, 2010

Your Frederick Home Purchase:
The How’s and Why’s of Shopping for a Mortgage


It's important to shop for the best mortgage to purchase your Frederick home. You might be surprised to know that while searching for a new car, the average shopper spends 15 hours researching. While searching for a mortgage, the average home buyer spends less than 4 hours. While purchasing a home is usually the largest financial decision the average person makes, most buyers underestimate the need for research.  Here are 6 reasons to do your research:

1. To get the best interest rate available. Your monthly payment could differ by $100′s.  Over the life of the loan, you could see a difference of thousand′s to ten-thousand′s.

2. To get the best deal in loan fees. Each lender has a list of fees that are associated with the loan. They can differ in the hundred′s and sometimes in the thousand’s.

3. To get the best terms in a loan. Most people don’t stay in their home for the life of the mortgage. Make sure there is no prepayment penalty, or that you can pay down the principle if you desire to do so.

4. To find a lender that has the right product for your situation.  Lenders have different loan programs.

5. To get the rate lock period you want. A lock is a written commitment and can vary from 30-90 days. You want to make sure you get a lock that is long enough to complete your transaction.

6. To find a reliable lender you are confident in, and comfortable with. You want to find a lender who is trustworthy, and who will work on your behalf. Our advice: Go with a referral, either from a reliable friend or from your Realtor. Your Realtor has a particular interest in your getting the loan that is right for you. It may be a selfish reason, but it’s in your favor. After all, if you don’t get the right loan product and you don’t get approval… you don’t buy a house.

Contact us for a list of approved, trusted lenders.

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Frederick Real Estate
Chris & Karen Highland * 301-831-9947
Real Estate Teams, LLC
email us: karen@highlandrealestategroup.com
TEXT US: 301-401-5119
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