Buying a house is a truly exciting experience in your life, but buying a new house will not be as exciting if you think about the mortgage payments you will have to be paying for later, so before you make that purchase, be sure that you make the right financial decision with your lender. Before you choose which lender you go to, find out which one your agent has done business with before. The relationship between your agent and the lender plays an important role in you getting the best loan program.
If the lender and your agent have done business before, your lender will know that your agent is someone that can be trusted to bring in qualified buyers, and will make sure that your agent will be satisfied with their service enough to bring in more clients by presenting you with the best program that you will be happy with. Paperwork and requirements can be overwhelming for those buyers do not have enough knowledge about purchasing a house. Your lender and your agent can help you with these documents.
Consult your lender and your agent about all your options. Have them explain the advantages and disadvantages of each. Do not just agree to one that is put in front of you without first finding out about your other options.
Make your decision only after you have thoroughly examined each one. If there is something that you don't understand about anything in the whole home-buying process, do not hesitate to ask. Have the lender or your agent explain all the terminologies that you don't understand. You are bringing them business, so catering to you is part of their service. Do not agree or commit to anything without understanding everything. Some lenders or agents who are only after their own interests may use big words to try and confuse you into agreeing, but a good lender or agent will take time to explain what you do not know.
Knowledge will protect you from making innocent mistakes that you will pay for in future. Lenders want to help you get that loan, so give them accurate information in your requirements. Talk to your lender about getting a fixed loan and find out if you have that option.
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