How to Pick Your Lender For Your First
Home or Refinancing
Your lender is one person that can make or break you with finances
towards your home. Before you become involved with anyone that will
involve your money, you need to make sure that they are going to offer
you the best. Once you know some basic concepts, you can begin to find
a lender that will fit your needs.
The first set of characteristics that you will want to find with a
lender is with the type of loans that they will recommend and the
policies that are set next to them. The loan that is offered to you
should fit your individual financial needs and give you the benefit of
the financial world. This doesn't just include the loan types, it also
includes the extra fees that are attached to loans and how these will
differ with you. You should also ask about things such as pre-payment
penalties and rate locks that may be attached to your loan.
You will also want to know how your lender will assist you. Sometimes,
you can get discount points added to your loan, as well as lender
guarantees. These will help to lower the rate of your loan and will
help you to gain credit. You want to make sure that no matter what the
loan, that you are not going to be penalized for anything and that you
benefit from what you are getting.
The main idea when finding a lender for your home or to refinance is
to confirm that you will get just what you want from the loan. This
includes everything from the type of loan that you will get to the
timing and type of funding that will be offered to you. With any
situation, go with your list of questions ready and be willing to
listen to possibilities. However, if you aren't satisfied, you can
find a lender that will listen to you better.
Even if it is your first time buying a house or if you are trying to
acquire a little extra money, you should always walk into a lenders
office and know precisely what you are getting into. In the long run,
this will make a difference in your abilities to stay in a place and
benefit from what is being offered.
ABOUT THE AUTHOR
Bob Schwartz, is a Certified Residential
Specialist, CA licensed real estate broker with
www.Brokerforyou.com. Bob
has over 27 years of residential real estate experience, authored a
number of published articles and served as an expert witness for
San Diego lawyers. You can contact
Bob via e-mail at bob@brokerforyou.com or visit his highly popular
San Diego real estate website at:
http://www.brokerforyou.com
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