A good strong understanding of facts and statistics about buying or selling homes is key to being savvy in a market like this but I would be remissed to not address one of the main driving forces behind any real estate market: Mortgages.
Currently the low mortgage rates make it possible for many first time home buyers to buy and for current home owners to upsize. I thought you as the readers might really like a better understanding of the whole picture when it comes to mortgages. I went to Christopher Fox, a true professional and our point of contact for one of our very trusted in-house mortgage companies, Presidential Mortgage. Below, Chris helps us understand that mortgages are about more than "just the rate."
The interest rate is an important component of your new mortgage, but it isn’t the only thing you should consider when trying to find a mortgage lender. The other components to consider are loan type, mortgage insurance options and lender closing costs. Lastly, in the current climate of originating loans, loan officer communication and customer service are paramount.
Find out what's happening in Limerick-Royersford-Spring Cityfor free with the latest updates from Patch.
When comparing closing cost estimates from various lenders you may find one scenario can give a lower payment with a higher rate than another option with a lower rate. It’s important to be educated on how the combination of rate, program, and mortgage insurance (PMI) can give multiple options to you the borrower. Ask the loan officer to explain all the aspects of closing cost estimate provided, rather than just bee-lining to the rate. This way you will be better prepared to compare apples to apples and will prevent you from missing out on a good opportunity.
At the end of the day, it comes down to the monthly payment and out-of-pocket cost needed. How we arrive at those two things is what’s most important.
Find out what's happening in Limerick-Royersford-Spring Cityfor free with the latest updates from Patch.
If you have any questions about buying or selling a home please contact me at jmcd211@gmail.com, visit my website at joymariehomes.com or call me at 484-762-8120.
If you have any questions about mortgages, new or refinance, please contact Christopher Fox at 610-792-9246
KELLER WILLIAMS REALTY GROUP NEWS: There are still a few Vendor Tables Remaining for Keller Williams Realty Group-Limerick Vendor Fair and 10th Anniversary Celebration! Be a part of one of the biggest events in the area with over 80 Vendors participating. We still have availability for Vendors to Participate. This is a GREAT WAY to give your business EXPOSURE in a highly attended public event! Several levels of participation including Platinum, Gold, Silver and Bronze Sponsorships are available. For information, or to reserve your table, please contact Gina Stango at 610-792-5900
