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Nicolas Romo |
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(714)
231-3772 |
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Lic.
# 01787685 |
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Hablo Español |
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| Shop for
Loan Programs & Rates |
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To shop for a
loan you will need to: |
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Know
how long you plan to live in the home.
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If you
plan to sell the house in a few years (say
3-7 years), you may want to consider an
adjustable rate mortgage or balloon loan. On
the other hand, if you plan to reside in the
home much longer, you may want to consider a
30-year fixed rate home loan. However,
depending on market conditions, you may get
better pricing on a 30-year fixed rate loan
and vice versa. Your home loan consultant
will help you decide whether a fixed rate or
adjustable rate mortgage is best for your
particular situation. |
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Understand the relationship between rates
and points. |
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Points
are considered to be prepaid interest and
are tax deductible. Each point is equivalent
to one percent (1%) of the loan amount. For
example, 1 point on a $100,000 loan is
$1,000. The more points you pay upfront, the
lower the rate you will receive, and in
turn, the lower the monthly mortgage payment
you will have to make. |
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Compare different home loan programs. |
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Shopping
for a loan can be complicated due to the
myriad of programs to choose from, all of
which have different rates, points and fees.
At the end, it can get very difficult trying
to determine which program is best suited
for your unique situation. This is the time
when an experienced loan consultant can be
of great value, because he/she can assist
you in making an informed decision |
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