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Tips for Getting Home Loans from the Right Lenders
Getting home loans is possibly the biggest step in an adult's
life. It's up there with having kids, landing that big job,
starting your own business. Actually, the whole point of those
big three landmarks is so you can be able to afford your piece of
the American Dream.
But you don't want that dream to turn into a nightmare. Ask
around. For many people, buying a house can turn into one of
worst mistakes in their life. It's not because their home was a
bad idea. More than likely, they signed up for a faulty mortgage.
To avoid making the same mistake, follow these steps to signing
the right mortgage for you.
First off, home loans come in fixed rates or variable rates. A
fixed rate mortgage makes perfect sense at a time such as right
now, when the interest rates are so dramatically low. You can buy
a house that's worth much more than you could normally afford.
However, just because your lender says it's a fixed rate
mortgage, don't take him on his word. Be sure to get that rate,
and the fixed status, on paper.
The benefit of a rate lock can be explained further by
describing exactly how the investment works. First, in a locked
interest rate, the lender guarantees a loan at that rate for
exchange for payments and fees handed over by the buyer at
certain points. The buyer and the lender work their best to close
the house before the specified date. Otherwise, the mortgage
expires without going into effect.
These locks usually last for one to two months. You'll
typically have to pay more for a longer lasting lock. That makes
sense, considering that the lock is like taking out insurance on
the low rate that you want. Even if the interest rates go up in
that month or two, the lock ensures you will have your agreed
upon, lower rate. The lender looks at it as insurance, too, that
you will borrow the money that you agreed to.
Of course, the trickiest part of these home loans is deciding
when to lock. The decision, part intuitive guesswork and part
research, comes down to weighing when you will need to pay the
lock, how long your mortgage will be, and your "guestimate" of
where rates are going.
Mike Long is the successful web publisher of
Home-Loan-SuperGuide.com providing valuable tips, advice, and
info about a multitude of relevant topics including home
loans.
MORE RESOURCES updated Thu. June / 08 / 2023
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