Buyers / Credit / Homes for Sale In Berks County / Homes for Sale in Schuylkill County / Mortgage

Choosing the Right Lender

Finding a Mortgage Lender is Easy……

Finding a reliable lender isn’t as always easy

Finding a home financing lender may be the easy part. In today’s time you can Google Home Mortgage and come up with 1000’s of choices.  But are they all good and worth using?  That is the hard part, deciding which lender to use isn’t.  
If it sounds to good to be true more then likely it is.  The purchase of your dream home will more then likely be the single largest purchase you will make.  That’s why doing your homework on the lender’s you might consider working with.  Find out their reputation in the area, how they do business, and also the fee’s that they charge.  Take time to sit down and talk to them before deciding if they are a perfect match for you.
I always recommend starting with the bank that you currently do your banking with, and seeing what they have to offer, then compare that to one or two other lenders in the area.  Notice I didn’t advise to start your search on the Internet?
When you meet with the lender have in mind a monthly payment that you are comfortable with and able to make the monthly payments without making yourself house poor.  More then likely when you meet with a lender they will give you an amount that you qualify for, which might be higher then what you feel your comfortable with for a monthly payment.  Don’t let them talk you into going above your comfort zone.
Some fees that you should consider that will be part of your monthly payment would be the real estate property taxes, PMI, and home insurance.  Although various lenders might have different names for a few fees, look for these kinds of fees and compare what different lenders might be charging you.

Your interest rate can be fixed or variable.  Most of the loan programs out there right now have a fixed rate, no matter if you choose FHA, Conventional , USDA, or VA,  A set rates are that, fixed for the life of the credit.   There are very few if any loans out right now that carry a variable, or adjustable rate, which means the interest rate will be fixed for a certain time frame and then adjust.

Some lenders charge a Lock-in fee.  Normally, this is for a set amount of time. If the time expires before your home loan goes thou, you could struggle to obtain the same interest rate, or be charged a penalty.
Application fees might be charged by lenders or brokers. These are typically a set amount. You may have to pay this fee before they even process your home loan, which could be several hundred dollars sometimes, so ask if any portion of it is refundable when the mortgage loan doesn’t proceed through. This fee might also include the price tag on running your credit reports. You may not get charged a credit application fee, but get hit having an origination fee, or visa-versa, or a combination of both. So look around.
Without having 20% equity inside the property, by setting up a big down payment, you could be necessary to pay PMI on the mortgage loan, that is private mortgage insurance.
There are many fees that is to be charged like appraisal and surveyor fees, title insurance, home, inspection fees, escrow taxes and fees.
There certainly are a number of costs involved when applying for a home financing, but do your homework and compare the price from different lenders but you will vanish having an experience that is to be personally satisfying for some time.If you are in the market to purchase a home and need a list of lenders in the local area and what programs they offer, feel free to give either Mabel 484-769-4879, or Rachel 484-332-0311 a call.  We will be happy to give you names and numbers of lenders based on what you are looking for.



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