Steps for Smooth Mortgage Process After the Pre-approvalInk Well Mag January 24, 2017 0 COMMENTS
Many people endure expensive mortgage loans when they rush through the application process without due consideration, and they live to regret it.
The marvels of modern communication systems and devices are the ability to relay messages quickly and efficiently. As such, phone calls have become commonplace over the years, and in most cases, not so exciting. However, not all calls bear the same weight, even when bearing good news. Therefore, many people experience a special thrill when the bank calls to inform of a successful mortgage application. It marks the commencement of a new chapter in life – home ownership.
Rein in the excitement
Although the waiting process might have given you a couple of sleepless nights do not rush to sign the paperwork. An expert from Mortgage Ogden notes that lenders use the same criteria to gauge your suitability. As such, you should not let the mortgage pre-approval pressure you into accepting the first offer. It only means that you are worthy of mortgage and it is time to shop for the best mortgage lenders in Ogden. Interest rates and terms vary between and among lenders. Shopping around gets you the best rates and principal amounts to suit your needs just right.
Keep a keen eye on the fees
A myriad of closing costs come into play during the mortgage process, and they translate into quite a bit of money. As such, the costs of your mortgage can pile up fast. Do not shy away from asking your lender to break costs down into their barest component. After all, you are the one going to foot these costs. The closing fees also vary between lenders so be sure to ask around as well. A hefty down payment, preferably more than 20 percent eliminates mortgage insurance. Such a move saves you several hundred dollars in monthly repayments. It, therefore, translates into a considerable saving over the life of the mortgage.
Although it is exciting to qualify for a mortgage loan, you get the best results when you understand the process. With proper research, you have the chance of getting the best term on the market.