Getting A Mortgage: Info from Real Estate Professional Craig Summers
Unless you are one of the rare few home buyers that will pay cash for the full price of your home, you will probably be in need of some type of mortgage. However, before you sign anything there are some things that every home buyer should be aware about, says real estate expert Craig Summers with Atlanta Northwest Realty’s Paulding & Polk Team. Just a few bits of information can save you a lot of trouble and money.
Many different types of loans are available and this selection changes occasionally. When you are about to get a loan, you should consider talking to your existing financial institution and see what they can offer you. If you have been a long standing customer of theirs they can give you some amount of savings for giving them your business over the years.
A lot of people will go on the internet in order to shop for a mortgage. While it may be a convenient solution, it can also come with some problems. Online lenders will usually work in a different state than yours and this means that you will have to wait for them to return your phone calls when looking for answers. A mortgage broker that operates in another state may not be familiar with lending regulations and guidelines in GA.
Recently, your ability to qualify for a mortgage will be determined mainly by your overall credit score. A good credit score will mean that you can get better options from mortgage lenders. However, be careful as to not have your credit pulled up many times over by different lenders when you shop around for a mortgage, as this could impact your credit score in a negative way.
The amount of your down payment will also determine which loans you are eligible for. If you finance more than 80 percent, than you will have to pay for mortgage insurance or another group such as the VA or the FHA. These organizations insure your loan against default. By putting more money down you can save a substantial amount on mortgage insurance.
For more tips of financing your next real estate purchase, contact Craig Summers, real estate expert at 404 374 1620 today!
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