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Shopping for a Loan

Finding a Lender

In addition to searching for a lender on the Internet, I can happily recommend a trusted lender that offers competitive interest rates and is focused on solving problems associated with complex properties and credit issues.

When interviewing potential lenders, consider her or his:

  • Responsiveness to your calls and questions
  • Ability to explain things clearly
  • Ability to provide competitive interest rates, costs, and fees
  • Access to loan options that work with your credit profile and the property you want to buy
  • Access to a local loan approval committee with knowledge of the property you have chosen

Ask your lender to tell you about the many loan options
on the market today.

Popular loans include:

  • Fixed rate loans, which ensure that your monthly payment will stay the same over the duration (15 to 30 years) of the loan. If you intend to own the property for many (7 or more) years, a fixed-rate loan might be right for you
  • Adjustable rate mortgage (ARM), which may be suitable if you expect to sell or refinance your home within a few years after purchasing it. The starting interest rate for an ARM is typically lower than the interest rate for a fixed-rate loan, which can initially save you money; however, it is wise to understand the index, readjustment interval, capitalization rate, and risks of an ARM when making your decision about a mortgage
  • Intermediate ARM (or hybrid loan), which offers fixed interest rates for the first 3, 5, 7, or 10 years. After a specified number of years, the interest rate for an intermediate ARM adjusts with the market every 6 months or year

Choose a mortgage professional
who will partner with you
to help achieve your real estate goals!