There are some important things to know before locking in a mortgage, the most important being shopping around.Â Shopping around for your mortgage is instrumental before settling in on one that you want, as well as a very important part of the home buying process.
Just as you spend time finding a Realtor that you want to work with, you should invest time finding the right lender.Â A good relationship is key to any successful transaction and finding a lender that you can trust and believe in can make all the difference.Â Part of this process is finding the best deal possible in a loan.Â What is the best deal?
Lowest rate.Â A fraction of a point can make all the difference in a loan, saving thousands of dollars over the lifetime of a loan.
Fees.Â Know what the fees are that you are paying and if they can be negotiated.
Penalties.Â Are there penalties for prepaying your loan?
Lock-in period.Â How long is your loan locked in for?Â If you wanted to secure a lona before looking for a home you may need more time to find the home you want to buy.Â Typically a loan is locked in for 30 to 90 days.Â If you havenâ€™t found a home to buy you want more time to find one.
The most important thing is to take the time to explore your options when it comes to securing a loan.Â Educating yourself and arming yourself with mortgage knowledge will benefit you in the long run.
Here are more resources on Mortgages:
Save Money At Closing on Real Estate in Wellesley, MA
Buying a New Home in Wellesley, MA? How Much Money Should Be Put Down?
Get a Mortgage Before Searching for Real Estate
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in theÂ Wellesley Real Estate marketÂ â€“ Natick, Newton, Needham, Wellesley, Wayland, Weston and more.