When you’re buying a home or property for sale in Lake City and you need to take out a mortgage loan to do it, here’s what you need to ask yourself to zero in on the right lender.
How to Find the Right Lender
You definitely want a mortgage loan with the lowest possible interest rate, and you don’t want to pay a lot in fees – but that might not be enough. According to Realtor.com, about 1 in 5 American homebuyers decided that they regretted choosing the wrong lender, and you don’t want to become one of them.
Related: What you need to know about mortgage interest rates
Start looking at lenders that have plenty of options to offer you. You want someone who can offer you both fixed and adjustable-rate mortgages, as well as the right kind of loan.
Related: Fixed-Rate vs. adjustable-rate mortgages
In the end, you might even decide to work with a seller who’s offering owner financing. The point is that you have the right to – and you absolutely should – shop around for the lender who’s willing to look out for you, not its own bottom line.
Related: What is owner financing?
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What About Mortgage Brokers?
Usually, a mortgage broker’s commission is about 1 to 2 percent of the total loan amount, so you might want to skip a broker and go directly to lenders yourself. With the number of lenders using online tools and calculators now, most of the work is already done for you. You can also ask your Realtor(R) to suggest a local lender who specializes in the types of loans that may be right for you.
Are You Buying a Home for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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