Home Buyers Long Term Decisions

Dated: 10/05/2012

Views: 578

Seek a Qualified Mortgage Consultant to Ensure the Best Results Home Buyers Face Decisions that Affect Their Long-Term Financial Picture
Houston, TX

 – Taking the step into home ownership is one of the most important financial decisions a person will make in their lifetime. There are many factors to consider when embarking on this venture. Literally, hundreds of loan programs are available, and it is important to find the one that best fits your personal long-term goals. First and foremost, you must have a mortgage consultant in your corner that is willing to take the time to know what your long-term goals are. Communication is the key factor here.

Curious prospective home buyers sometimes turn to Internet-based services just to see what current interest rates are. But a faceless website will not take the prospect’s future financial planning into consideration or guide the potential borrower through the many nuances of the loan process. When shopping for a home loan, be wary of web-based services that offer programs to reel prospects in with attractive rates that are based upon unrealistic time frames.
If a lender is offering a terrific rate based on a 10-day lock-in period, it is unlikely that the potential homeowner would actually be able to find their dream home, get through the negotiation process and win approval from a lender within such a short period of time. This is called short-pricing, and when it comes time to close the transaction, the rate that was originally offered is simply no longer available. As a result, the unfortunate prospect is bulldozed into a loan program with a higher interest rate.
It is highly unlikely that a qualified loan originator whose business is based upon referrals will use unscrupulous tactics such as this to get new customers in the door!Once you have found a mortgage consultant that you feel comfortable working with, lay your goals out on the table because it will have a tremendous impact on choosing a loan program that meets your specific needs. One of the most important factors to consider is how long you wish to borrow the money for. For example, if you know you will only be in the home for five years, it wouldn’t make sense to opt for a 30-year loan program or pay points up front to secure a lower interest rate. You would not be in the home long enough to benefit from such action.
Your mortgage consultant should be able to narrow down a selection of programs based on the information that you have provided and present you with an easy-to-read spreadsheet that clearly defines viable options for your interest rate and amortization schedule, monthly payment and any potential savings you may realize by paying points up front. Moreover, a reputable loan originator will not hesitate to share this information with your tax consultant or financial planner so they may offer additional feedback on your behalf. Homeownership imparts a rewarding vehicle for building wealth and a strong financial future. The mortgage consultant that you choose should be there not only when your loan closes, but should also provide you with ongoing service to assist you in managing that debt over time.Contact our preferred lender for more information


Blog author image

Russell Banki REALTOR®

REALTOR Hite Properties Cell: 713-480-0889 Office: 936-270-8090 x 109 E-fax: 936-270-8774 Best Priced Properties Team Montgomery & Harris County TX Real Estate Experts Clients First! We believ....

Want to Advertise on this Site?

Latest Blog Posts

Avoid Mistakes Buyers Often Make

Whether you are purchasing your first home, moving up, downsizing or managing a rental property, or looking for commercial or investment real estate, a REALTOR is the trusted professional who

Read More

Which Down Payment Strategy Is Right For You

You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and

Read More

How To Check Your Home For Air Leaks

We’re well into the fall season and winter is right around the corner. This is the time of year when it’s especially important to make sure your home is properly sealed. Air leaks can make

Read More

We Are Never Too Busy For Your Referrals It Is The Highest Compliment

Best Priced Properties Team "Clients First" Russell and Melissa Banki Texas REALTORS- Hite Properties Certified Negotiation Experts (CNE) Accredited Luxury Home Specialist (ALHS)

Read More