Top 4 Things to Consider When Applying for a Mortgage

By Deborah Laemmerhirt | September 14, 2015

Top 4 Things to Consider When Applying for a Mortgage

 

For many people, buying a Lake Zoar real estate is the biggest financial decision they will ever make. It is then very important to get it right the first time to avoid costly mistakes. Getting a pre-approval is one of the first steps homebuyers should take to determine if you can afford the real estate that you are dreaming of.  Here are some things to keep in mind before you apply for your mortgage:

Here are helpful reminders when applying for a mortgage for a Lake Zoar real estate.

  1. Find out exactly what the loan will cost you

When getting a mortgage, it is important to determine if the fees are reasonable. Although some fees might be avoidable, there are many fees that are negotiable. Get a good faith estimate statement that will give you an idea of the estimated total fees. There are some companies that will include all the fees in the interest rate in their quote. Here are some fees you need to ask about:

a. Application fee

b. Credit evaluation

c. Loan processing

d. Title Search

e. Appraisal fee

f. Title insurance

g. Documentation

h. Underwriting

i. Attorney Fee

  1. Know the factors that will affect your approval

A lender may pre-approve you up to a certain amount. But before you can get preapproved for a mortgage, you need to have a specific home. The lender needs to know the total cost of the home before agreeing to lend you the money. The total cost of the Lake Zoar home for sale you are considering to buy may include property taxes and maintenance fees on top of the actual price. A change in your situation, like your employment status or credit score, can also affect your approval status.

  1. The mortgage with the lowest interest rate is not always the best deal

When making a decision on mortgages, do not rely entirely on interest rate. Mortgage rates can be artificially reduced. This can be done by adding upfront discount points or adjustable rate features which may not make good financial sense on your part.

  1. Do not quit your job

Stable employment history is very important when applying for a mortgage. If you have been employed at the same job for at least two years, the chances of getting pre-approved will be high. If you are new in your company, you may still be able to qualify, but stay in your job if you can help it. This will be helpful in securing the Lake Zoar waterfront home for sale that you desire.

Also, it is always advised not to charge large amounts on credit cards – this can change your qualification for the mortgage.

There are various factors that you should consider before applying for a mortgage.  With these key considerations, you will be more prepared to make a wise decision.

Visit https://www.CandlewoodLakeCTRealEstate.com today to see the latest listings in Candlewood Lake.

If you want to work with a real estate professional who can assist you in buying or selling Candlewood Lake homes, Lake Zoar waterfront homes and other lake properties, call me, Deborah Laemmerhirt, at (203) 994-4297. I have the knowledge, expertise, and tools to help you close that deal.

Posted in Lake Zoar Real Estate and tagged , , , , , , , ,

About Deborah Laemmerhirt

Let me assist you in finding everything you need to know about buying or selling a home! As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That’s why I constantly research the home, market and estate values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative marketing techniques to attract potential buyers. As an Internet-savvy real estate representative in Connecticut, I’ve had the opportunity to help many home buyers find their ideal homes and many sellers obtain top dollar for their homes. Buying or selling a home is one of the largest financial transactions that most people ever undertake, so I will help you through every step of the process. My goal is to make your home selling or buying experience as easy and enjoyable as possible. My services include: Explaining the home selling and buying process thoroughly Diligently selecting homes that meets your criteria Pricing your home correctly and implementing a unique yet proven marketing plan Negotiating on your behalf Tracking the closing process to ensure a smooth transaction I welcome the opportunity to address any questions you might have about buying, selling or current market conditions. Please call or e-mail me any time, and I will be happy to discuss your next steps in the buying or selling process. I specialize in both Residential and Commercial Properties. I also head a Real Estate Group to provide you with expert service and support. Areas of Expertise Making transitions in your life is challenging. You may be moving from out of town, a different state, internationally or just next door! Regardless of the distance I am prepared to respond to your unique needs.If you are a BUYER looking to downsize, up-size, want a new construction, desire a condominium, to invest, even if this is your first home, I will design a unique plan to fulfill your needs in a reasonable time frame, with the best negotiated price and the least amount of inconvenience.For my Home Sellers, I have an innovative marketing plan that will leave nothing to chance. Just call, and I would be happy to share the DIFFERENT and SUCCESSFUL TOOLS I utilize on each of my listings. I have lived in Connecticut for over 35 years. I practice Real Estate in Fairfield County, New Haven County and Litchfield County. This includes, but is not limited to Bethel, Bridgewater, Brookfield, Danbury, Harwinton, Kent, Litchfield, New Fairfield, New Milford, Newtown, Oxford, Ridgefield, Redding, Roxbury, Sherman, Southbury, Warren, Washington, Westport and Wilton.