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LOAN TIPS
In today's real estate environment, you're likely to find a mortgage company on every corner. This doesn't mean that all mortgage firms are the same - just that there are quite a few of them quoting rates and terms either on the telephone, television or in the mail. With this in mind, WestProp recommends that you follow a few key principles.
- The Interest Rate Quotation is Not the End-All-Be-All. Don't be fooled by the rate quote alone - often times lenders will appear to quote a lower rate but increase fees to make-up the difference. WestProp's loan counselors can show you how the same rate quote from one mortgage lender to the next may be quite different and how our pricing is not only competitive, but also fair to each and every one of our clients.
- A Written Good-Faith Estimate is the Key to a Cost-Efficient Mortgage. When you apply for a loan with WestProp Mortgage, we will provide you with a written estimate of the costs for your mortgage, including the interest rate and annual percentage rate. Although the cost of your home loan is very important, interviewing and knowing your lender can be equally as important. Is the mortgage company accessible to your immediate questions and concerns in person or can the lender's representative only be reached by voice mail or e-mail? This is a very important distinction and one that WestProp Mortgage is especially sensitive to. You will always have our complete and undivided attention for each and every one of your mortgage needs.
- Protect Yourself with an Interest Rate Lock. If your lender expresses to you that your rate has been "locked", be sure to get written confirmation of the specific interest rate commitment, the length of time for the lock, and the loan program for which the lock applies.
- There is a Difference Between a Pre-Approval and a Pre-Qualification. Within days, WestProp Mortgage will complete your application (assuming all necessary documentation has been submitted) and provide a loan pre-approval certificate to you indicating that you will likely be approved subject to an appraisal of your property and issuance of a title policy. This immediately makes you a stronger buyer and places you in better position to negotiate with the seller of a property.
- Make Sure You Know the Difference Between the Various Loan Programs. There are hundreds of loan programs available to prospective buyers and homeowners. Some of them come with hidden costs and potential pitfalls that you should know about before you choose a loan program. It is crucial that every aspect of the loan programs under consideration is clearly explained so you can make an intelligent loan decision before you close escrow.
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