Shopping for a Mortgage in Basking Ridge

The world of mortgaging has changed faster than any other time in the history of lending money. Interest rates are definitely at an all time low. Adrienne Francis can save you time and money with guidance and counseling. She has been a Basking Ridge real estate professional for years. In addition, here are some tips below to help you.

Tip #1: Get Your Credit Report Before You Look, Before You Apply and Definitely Before You Buy!

Forget surprises. Find out your credit score before you do anything else. Lenders have much stricter guidelines than in recent years so your credit is very important.

This is the only way to know your buying power.

Tip #2: Choose Wisely Who You Ask for Your Loan.

You are dedicating to many years to one company and paying them big bucks!  It’s vital to meet someone face to face and get all the facts. Internet mortgaging companies come a dime a dozen, but will they give you the truth about your loan? There are many good lenders in the Basking Ridge home buying area, so shop around.

Your own bank or savings and loan, where you do your banking, may present a more attractive package for existing customers..

Tip #3: Listen Carefully. It Could Mean Tons of $$$$ In or Out of Your Pocket.

Pay attention to all the small costs, terms of the loan and details in small writing.  Make sure you have a loan officer who is knowledgeable and explains in great detail.

Nothing says you can’t get 10 different bids from 10 different lenders. Shop for the best price but remember to compare apples to apples and look for hidden fees.

Tip #4: Choose mobile porn the Type of Loan

A conventional mortgage is the safest way to go, if you want to be able to predict what your payments will be each and every month. Adjustable mortgage rates can typically start out with a lower rate of interest but can change. The balloon payment is another option. This is when early monthly payments are lower and after a few years, a large payment is required.

Tip #5: Calculate what is affordable for you

The length of the term on your mortgage can be between 15 and 30 years. A 15-year plan lets you buy the home quicker in less the time, but of course the monthly payment will be higher. The plus factor about a 15-year mortgage is that you will save tens of thousands of dollars in interest down the road. A 30-year mortgage is the most popular due to the lower monthly costs.

Tip #6: Pay Attention to Closing Costs!

Closing costs can vary widely so remember to nail down what your closing costs will be now, not when you get to the closing table.

Tip #7: Review Your Good Faith Estimate!

Before signing for a loan, review your Good Faith Estimate in great detail. Lenders are required to give a detailed breakdown of all costs before you commit to the loan.

The old “Bait and Switch” game was very common in the past and very illegal. The lender would quote you certain costs on the Good Faith Estimate, but when you arrived for the closing, their numbers had increased. If your credit is the same when you applied and when you are ready to close, there should be no reason for the costs to drastically jump.

Remember down the road:  You are entitled to see your closing documents a couple of days prior to closing.

Buying a Basking Ridge home is a rewarding experience. Tread cautiously and learn everything you can before making the big commitment, and you will succeed!

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