Shopping for a Loan

Choosing your home loan can seem almost as mind boggling as choosing the home itself. With the wide variety of loan programs available, you'll find loans designed for first-time home buyers, the self-employed, veterans and investors. There are loans for buyers who have lower incomes, credit problems, substantial or minimal down payments. There are new construction loans, and bridge loans for those who purchase a new home before selling their current home.

Since loan programs and fees may vary, you may wish to consult more than one lender. Take the time to give each lender an accurate picture of your employment history, income, debts, credit history, available cash for a down payment, any gift funds from family members, and the length of time you intend to live in your new home.

Ask each lender to recommend a loan program that will meet your needs. Ask for an estimate of all fees and closing costs. Ask about a "lock-in" program that offers protection against interest rate increases prior to closing. Will the lender allow you to "re-lock" if interest rates decrease before your closing?

Select an experienced lender with a reputation for on-time service. A loan with the best interest rate may be worthless if the lender doesn't get your loan approved by your contract deadline. Please call me if you'd like names of established lenders who provide quality service and competitive rates to my clients.