Most prospective home owners, including first time home buyers, know that one of the first and most important steps in the home buying process is getting preapproved for a mortgage loan. While pretty much any real estate transaction can get stressful and overwhelming, this specific step can be particularly terrifying, especially for those who have no idea where to begin or how to go about getting a mortgage. Fret no more, here are a few tips from the Incorvaia Team to help you find the right lender for your housing needs and to acquire a preapproval letter:
1. Do not focus solely on interest rates. When shopping around for a mortgage loan, many first time home buyers tend to make the mistake of focusing only on getting the best interest rate. Remember that both the interest rate and the APR or annual percentage rate of a loan are equally important factors to consider when deciding which lender to go with.
2. Do not rush or make hasty decisions when deciding on a lender. Remember that getting a mortgage is one of the biggest commitments you can make in life, and that you will probably be tied to your monthly mortgage payment for a significant period of time, so choosing the right lender is not a decision you want to take lightly. Be sure to thoroughly do your research, shop around, and consider ALL your options by comparing several different lenders’ offers. It would be wise to get advice from trustworthy and reputable sources who can guide you in your decision, such as a knowledgeable and experienced real estate agent. Make sure also to have a licensed real estate attorney review any and all important documents before you sign them, to avoid making costly mistakes.
3. Pay attention to the fee section when comparing different offers from lenders. Many of the fees listed there may be negotiable, so it may help to go through this section carefully to compare how much each lender is charging and decide who can give you the best deal.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
