Provided By Realty Times
MCLEAN, Va., -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), coming on the heels of the Federal Reserve's recent announcements. The conventional 30-year fixed averaged an all-time record low at 4.01 percent; likewise the 15-year fixed averaged an all-time record low at 3.28 percent for the week. Of the five regions surveyed in Freddie Mac's survey, the West region recorded the lowest average rate for the 30-year fixed dipping below 4.00 percent to 3.95 percent.
30-year fixed-rate mortgage (FRM) averaged 4.01 percent with an average 0.7 point for the week ending September 29, 2011, down from last week when it averaged 4.09 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.
15-year FRM this week averaged 3.28 percent with an average 0.7 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 3.75 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent this week, with an average 0.6 point, matching last week when it also averaged 3.02 percent. A year ago, the 5-year ARM averaged 3.52 percent.
1-year Treasury-indexed ARM averaged 2.83 percent this week with an average 0.6 point, up from last week when it averaged 2.82 percent. At this time last year, the 1-year ARM averaged 3.48 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve's announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities. Interest rates for ARMs, however, were nearly unchanged as the Federal Reserve plans to sell $400 billion in short-term Treasury securities, which serve as benchmarks for many ARMs."
"Meanwhile, the spring and summer home-buying season gave a boost to a number of house price indexes. The Federal Housing Finance Agency reported that its National index (not seasonally adjusted) rose for the fourth consecutive month in July. Similarly, the S&P/Case-Shiller® 20-City composite index, which has a broader scope of properties, rose 0.9 percent between June and July with 17 of the cities experiencing positive monthly growth. Finally, CoreLogic® reported that its index, excluding distressed sales, increased at a 1.7 percent monthly rate for the same month."
To learn more about fixed mortgages give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Friday, October 7, 2011
Wednesday, October 5, 2011
What to do before making an offer
Provided By Trulia
Research the market
In a hot market -- where homes sell rapidly and buyers clamor to purchase homes (a "seller's market") -- you have less pull as a buyer than you have in a cool housing market, where there's a large inventory of homes for sale (a "buyer's market).
So, you'll want to know whether the local market you're looking to buy in is a cool or a hot one.
You can research your target market's temperature by looking up the ZIP code's market stats and trends on Trulia. This information will show if prices are headed up or down, if the number of home sales are increasing or decreasing and what the average listing price and median sales prices are. The more information you have, the better you'll be at putting together an offer and the more leverage you'll have at the bargaining table.
Cruise comparables
Use Trulia to pull up data on nearby recently sold homes that are most like the one you're considering. (The homes should have about the same number of bedrooms and baths as your target house, and be in relatively the same condition.) These homes -- called comparables -- will give you an idea of what buyers may be willing to pay for the home you like -- and how much you may want to offer, depending on how recently these homes were sold and whether there have been significant market changes since then.
You should also take a look at the asking prices of local houses for sale that are most like your target home and compare how those prices stack up against the listing price of your target house.
Hit the pavement
Trulia has made the job of finding comparables easy, but be sure to check out comparable homes in person to get a true comparison of how these homes rate against yours. Stats and figures tell a lot about a home, but they can't fully express how a home looks and feels.
Get the 411
Pull up the property on Trulia and look up when the seller purchased it and for how much. A seller who purchased a home many years ago at a comparably low price may be more willing to negotiate on price than one who bought the house recently at a relatively high price.
Check the clock
In real-estate lingo, the amount of time a home has been for sale is called "days on market" (or DOM). You can get a feel for this by looking up how long the home's listing has been on Trulia or work with a real estate agent to find out how long the property has been for sale.
The longer a home has been on the market, the more anxious a seller may be to sell. Also, a homeowner who's just listed his house for sale is less likely to accept a bid below asking price than an owner who's been waiting months for a buyer.
Inspect
Look beyond the home's recently painted interior and nicely landscaped yard to determine the true condition of the property. If you're not handy yourself, bring along a friend or family member who could easily spot expensive and troublesome problems like leaky roofs, cracking foundations and major termite damage.
Test out the commute
Even if the home turns out to be a gem on further inspection, it may not seem like one if the drive to and from your job to your new home is a bear. Test out the morning and evening commutes to see just how bad -- or good -- the drive is.
Explore the neighborhood
A house doesn't exist in a vacuum -- it sits in a neighborhood full of neighbors, noises, even smells. Get to know the home's surroundings to determine whether it's a good fit for you. It's best to visit the neighborhood at different hours and different days, because a neighborhood that's quiet by day might be hopping at night (or vice versa).
Get a second (or a third) opinion
Sometimes love is blind, and a house that has you at first sight could turn out to be everything you've wished for (or everything you'd never wish for). Have a trusted friend or family member look at the home to get an objective opinion.
Secure financing
Take a serious look at your finances and determine how much you can afford to spend on a home. Also calculate how much you have for closing costs and a down payment. If you'll need a home loan, investigate your options both online and in person with a lender and get pre-approved (with a pre-approval letter from the lender) for a loan. A pre-approval means that the lender thinks you'll qualify for a given loan amount.
Having that pre-approval (which points to your ability to purchase the home) will put you in better position with the seller should you decide you do want to buy that home.
Are you ready to purchase a home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Research the market
In a hot market -- where homes sell rapidly and buyers clamor to purchase homes (a "seller's market") -- you have less pull as a buyer than you have in a cool housing market, where there's a large inventory of homes for sale (a "buyer's market).
So, you'll want to know whether the local market you're looking to buy in is a cool or a hot one.
You can research your target market's temperature by looking up the ZIP code's market stats and trends on Trulia. This information will show if prices are headed up or down, if the number of home sales are increasing or decreasing and what the average listing price and median sales prices are. The more information you have, the better you'll be at putting together an offer and the more leverage you'll have at the bargaining table.
Cruise comparables
Use Trulia to pull up data on nearby recently sold homes that are most like the one you're considering. (The homes should have about the same number of bedrooms and baths as your target house, and be in relatively the same condition.) These homes -- called comparables -- will give you an idea of what buyers may be willing to pay for the home you like -- and how much you may want to offer, depending on how recently these homes were sold and whether there have been significant market changes since then.
You should also take a look at the asking prices of local houses for sale that are most like your target home and compare how those prices stack up against the listing price of your target house.
Hit the pavement
Trulia has made the job of finding comparables easy, but be sure to check out comparable homes in person to get a true comparison of how these homes rate against yours. Stats and figures tell a lot about a home, but they can't fully express how a home looks and feels.
Get the 411
Pull up the property on Trulia and look up when the seller purchased it and for how much. A seller who purchased a home many years ago at a comparably low price may be more willing to negotiate on price than one who bought the house recently at a relatively high price.
Check the clock
In real-estate lingo, the amount of time a home has been for sale is called "days on market" (or DOM). You can get a feel for this by looking up how long the home's listing has been on Trulia or work with a real estate agent to find out how long the property has been for sale.
The longer a home has been on the market, the more anxious a seller may be to sell. Also, a homeowner who's just listed his house for sale is less likely to accept a bid below asking price than an owner who's been waiting months for a buyer.
Inspect
Look beyond the home's recently painted interior and nicely landscaped yard to determine the true condition of the property. If you're not handy yourself, bring along a friend or family member who could easily spot expensive and troublesome problems like leaky roofs, cracking foundations and major termite damage.
Test out the commute
Even if the home turns out to be a gem on further inspection, it may not seem like one if the drive to and from your job to your new home is a bear. Test out the morning and evening commutes to see just how bad -- or good -- the drive is.
Explore the neighborhood
A house doesn't exist in a vacuum -- it sits in a neighborhood full of neighbors, noises, even smells. Get to know the home's surroundings to determine whether it's a good fit for you. It's best to visit the neighborhood at different hours and different days, because a neighborhood that's quiet by day might be hopping at night (or vice versa).
Get a second (or a third) opinion
Sometimes love is blind, and a house that has you at first sight could turn out to be everything you've wished for (or everything you'd never wish for). Have a trusted friend or family member look at the home to get an objective opinion.
Secure financing
Take a serious look at your finances and determine how much you can afford to spend on a home. Also calculate how much you have for closing costs and a down payment. If you'll need a home loan, investigate your options both online and in person with a lender and get pre-approved (with a pre-approval letter from the lender) for a loan. A pre-approval means that the lender thinks you'll qualify for a given loan amount.
Having that pre-approval (which points to your ability to purchase the home) will put you in better position with the seller should you decide you do want to buy that home.
Are you ready to purchase a home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Monday, October 3, 2011
Autumn Landscaping
Provided By Realty Times
Fall is the perfect time to add new life to your yard. The heat of the summer has passed and cold, hard frosts are still weeks or months away. This second chance planting season allows you to amp up your curb appeal.
Here are some lovely ideas for autumn planting!
Selecting the right plants, trees, and shrubs can be overwhelming. Many nurseries are full of colors, sizes, and varieties of plants. There are so many choices you don't know where to begin.
The initial step is to create a plan of action. Without a solid design plan you may end up having random plants that look ... random. Think both long and short term. What plants do you want now and how do you want your yard to appear years down the road.
To make sure everyone is on the same page, illustrate your plan on a large sheet of paper. Make notes for shapes of flower beds, what types of plants you want, where you'll mulch, and what size plants you'll need.
Next, do your research. Sometimes the best source of information is the nursery itself. You can see up close and personal what plants will fit within your design plan. Do you want small, evergreen shrubs for your front bed? Boxwoods are a great choice! Are you looking for a shrub with a bit more color? Consider using bayberry.
Think about how plants will look during the different seasons. Are there flower beds that will be filled with annuals during the summer and will be dormant in the Winter? Consider adding evergreen shrubs, such as holly, spruce, or yew in order to keep green color all year!
Now that you have a plan and know what plants are available, it's time to load up the car with the latest finds! Consider how long you have until the first frost. Plants need several weeks to become established.
Consider that flower beds look best when layered in textures, color, and sizes. Begin with taller shrubs in the back of a bed and work your way down.
When planting your shrubs and trees, be sure to dig a hole that is twice the size of the root ball. Stamp the dirt to remove air from the soil and then water well. Be sure to give plants plenty of room! Most plants and trees come with spacing instructions. Take into account how big trees will become 40 years down the road!
Many bulbs also need to be planted during the Fall. If you want beautiful hyacinths and tulips this next Spring, then do your planting in the Fall. Allow these items to settle a few weeks before topping with a think layer of mulch. Plus, remember to sweep aside the mulch when Spring arrives!
Fall is a wonderful time to spruce up your yard. Be thoughtful with your design and plant choices and you're sure to create a beautiful accent to your home.
Would you love to landscape your lawn at your NEW home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Fall is the perfect time to add new life to your yard. The heat of the summer has passed and cold, hard frosts are still weeks or months away. This second chance planting season allows you to amp up your curb appeal.
Here are some lovely ideas for autumn planting!
Selecting the right plants, trees, and shrubs can be overwhelming. Many nurseries are full of colors, sizes, and varieties of plants. There are so many choices you don't know where to begin.
The initial step is to create a plan of action. Without a solid design plan you may end up having random plants that look ... random. Think both long and short term. What plants do you want now and how do you want your yard to appear years down the road.
To make sure everyone is on the same page, illustrate your plan on a large sheet of paper. Make notes for shapes of flower beds, what types of plants you want, where you'll mulch, and what size plants you'll need.
Next, do your research. Sometimes the best source of information is the nursery itself. You can see up close and personal what plants will fit within your design plan. Do you want small, evergreen shrubs for your front bed? Boxwoods are a great choice! Are you looking for a shrub with a bit more color? Consider using bayberry.
Think about how plants will look during the different seasons. Are there flower beds that will be filled with annuals during the summer and will be dormant in the Winter? Consider adding evergreen shrubs, such as holly, spruce, or yew in order to keep green color all year!
Now that you have a plan and know what plants are available, it's time to load up the car with the latest finds! Consider how long you have until the first frost. Plants need several weeks to become established.
Consider that flower beds look best when layered in textures, color, and sizes. Begin with taller shrubs in the back of a bed and work your way down.
When planting your shrubs and trees, be sure to dig a hole that is twice the size of the root ball. Stamp the dirt to remove air from the soil and then water well. Be sure to give plants plenty of room! Most plants and trees come with spacing instructions. Take into account how big trees will become 40 years down the road!
Many bulbs also need to be planted during the Fall. If you want beautiful hyacinths and tulips this next Spring, then do your planting in the Fall. Allow these items to settle a few weeks before topping with a think layer of mulch. Plus, remember to sweep aside the mulch when Spring arrives!
Fall is a wonderful time to spruce up your yard. Be thoughtful with your design and plant choices and you're sure to create a beautiful accent to your home.
Would you love to landscape your lawn at your NEW home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Friday, September 30, 2011
Don't Misjudge a Property by Its Street Face
Provided By Realty Times
For real estate buyers, the process of purchasing a home, or cottage, can be overwhelming. Many purchasers, particularly first-time or first-time-in-a-long-time buyers, are relieved that at least part of the process is easy—viewing properties. That's where they make a big mistake.
It seems easy.
Look at a house from the street, and you either like it or you don't.
Walk through a house or condominium in 30 minutes or less, and you either love it or hate it.
Pretty presumptuous. Without specific construction knowledge and an eye for interior design—and in less time than typically spent picking out new clothes—buyers decide where to invest hundreds of thousands of dollars which they usually have to borrow. After one brief viewing, do you know that particular house, townhome, condominium unit, or recreational property well enough to know "This is it"?
The odd thing is that buyers know they can be tricked.
There are enough makeover television shows, websites, and publications making millions doing just that. The "before" picture is a dump. The "after" picture is stunning. Usually, it's just paint, nicer furniture, and talented interior design that makes the difference that buyers pay for.
Smells are a big turn off, yet buyers know that if smell-cancelling products had been sprayed around, the place would smell sweet, but they still pass on a chance for a sweet price.
Bad decorating or sloppy housekeeping generates "I couldn't live here" reactions. Yet, buyers are not moving in with the seller, furnishings and decor intact. Viewing a property means imagining your own furniture and decor in place of what's there now. Won't be long before a program or app will allow buyers to do exactly that with each potential buy. Until then, forget whether you'd want to live with the sellers, and concentrate on placing your personal stamp on the property to test its home-worthiness.
Logically, TV's demonstrated cosmetically-induced increase in real estate value should have buyers searching for money-saving "before" real estate. Instead, an industry has been carved off the real estate profession—staging—to superficially transform the saddest "before" real estate into a stunning "after." Buyers now willingly pay more (that's really borrow more) to view and buy an "after."
Real estate professionals are always ready to help buyers see genuine value in a "fixer upper," which often just need new paint and an up-dated look. Their training and experience has taught real estate professionals to first appraise properties by location and quality of construction. Then they add on or subtract the elusive amount that represents market appeal, or the lack of it, to arrive at market value.
While interest rates remain low, buyers continue to search for their "dream home." As interest rates rise and economies tighten, the drive for a "real buy" may overtake the bedazzled-style of buying. The uncertainty of investment markets will also place the emphasis on buying substance which will steadily appreciate in value over time.
If you decide to search out a great "real buy," there are a few of PJ's Smarten UP tips to keep in mind:
Virtual tours can reveal traffic flow problems and unappealing features, but they should not be a deciding "no view" factor if the location is ideal and the price affordable.
Curb appeal may get you in, but a property's bad street face should not keep you out when the location is great. If fewer people see the inside, competition will be lower. The property may be on the market longer, so the property owners more flexible. If curb appeal is lacking, when you're the owner you'll make money by adding value to the exterior.
Major structural issues like sagging beams and "in the way" bearing walls will cost money, so arrange professional estimates to back up an offer that reflects the costs ahead.
Plumbing and electrical work are a another expense. Knob and tube wiring may not be insurable, so be sure home inspectors know their job and are thorough. Too many times, electrical service has been doctored to look as if knob and tube has been removed, but it was merely patched with new wiring in visible places.
Particularly in southern Ontario, termites are increasingly a problem. Not discussed openly, there are specific areas of Toronto and other communities where termites flourish and they aren't going away. The key is protecting your property by treating the soil regularly. Is a great location worth that to you?
Do not look at furnishings or colour choices, especially great ones. Problems can be hiding under cosmetics. Anything newly-done should be examined closely. Watch makeover shows to see "what" will hide "what."
Viewing potential real estate is just as complex as every part of buying. Whether or not you love the real estate's street face, give it a good going over if the location and price are right for you. It's not what you see but what you know about real estate that make it and you valuable.
Looking for a great home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
For real estate buyers, the process of purchasing a home, or cottage, can be overwhelming. Many purchasers, particularly first-time or first-time-in-a-long-time buyers, are relieved that at least part of the process is easy—viewing properties. That's where they make a big mistake.
It seems easy.
Look at a house from the street, and you either like it or you don't.
Walk through a house or condominium in 30 minutes or less, and you either love it or hate it.
Pretty presumptuous. Without specific construction knowledge and an eye for interior design—and in less time than typically spent picking out new clothes—buyers decide where to invest hundreds of thousands of dollars which they usually have to borrow. After one brief viewing, do you know that particular house, townhome, condominium unit, or recreational property well enough to know "This is it"?
The odd thing is that buyers know they can be tricked.
There are enough makeover television shows, websites, and publications making millions doing just that. The "before" picture is a dump. The "after" picture is stunning. Usually, it's just paint, nicer furniture, and talented interior design that makes the difference that buyers pay for.
Smells are a big turn off, yet buyers know that if smell-cancelling products had been sprayed around, the place would smell sweet, but they still pass on a chance for a sweet price.
Bad decorating or sloppy housekeeping generates "I couldn't live here" reactions. Yet, buyers are not moving in with the seller, furnishings and decor intact. Viewing a property means imagining your own furniture and decor in place of what's there now. Won't be long before a program or app will allow buyers to do exactly that with each potential buy. Until then, forget whether you'd want to live with the sellers, and concentrate on placing your personal stamp on the property to test its home-worthiness.
Logically, TV's demonstrated cosmetically-induced increase in real estate value should have buyers searching for money-saving "before" real estate. Instead, an industry has been carved off the real estate profession—staging—to superficially transform the saddest "before" real estate into a stunning "after." Buyers now willingly pay more (that's really borrow more) to view and buy an "after."
Real estate professionals are always ready to help buyers see genuine value in a "fixer upper," which often just need new paint and an up-dated look. Their training and experience has taught real estate professionals to first appraise properties by location and quality of construction. Then they add on or subtract the elusive amount that represents market appeal, or the lack of it, to arrive at market value.
While interest rates remain low, buyers continue to search for their "dream home." As interest rates rise and economies tighten, the drive for a "real buy" may overtake the bedazzled-style of buying. The uncertainty of investment markets will also place the emphasis on buying substance which will steadily appreciate in value over time.
If you decide to search out a great "real buy," there are a few of PJ's Smarten UP tips to keep in mind:
Virtual tours can reveal traffic flow problems and unappealing features, but they should not be a deciding "no view" factor if the location is ideal and the price affordable.
Curb appeal may get you in, but a property's bad street face should not keep you out when the location is great. If fewer people see the inside, competition will be lower. The property may be on the market longer, so the property owners more flexible. If curb appeal is lacking, when you're the owner you'll make money by adding value to the exterior.
Major structural issues like sagging beams and "in the way" bearing walls will cost money, so arrange professional estimates to back up an offer that reflects the costs ahead.
Plumbing and electrical work are a another expense. Knob and tube wiring may not be insurable, so be sure home inspectors know their job and are thorough. Too many times, electrical service has been doctored to look as if knob and tube has been removed, but it was merely patched with new wiring in visible places.
Particularly in southern Ontario, termites are increasingly a problem. Not discussed openly, there are specific areas of Toronto and other communities where termites flourish and they aren't going away. The key is protecting your property by treating the soil regularly. Is a great location worth that to you?
Do not look at furnishings or colour choices, especially great ones. Problems can be hiding under cosmetics. Anything newly-done should be examined closely. Watch makeover shows to see "what" will hide "what."
Viewing potential real estate is just as complex as every part of buying. Whether or not you love the real estate's street face, give it a good going over if the location and price are right for you. It's not what you see but what you know about real estate that make it and you valuable.
Looking for a great home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Wednesday, September 28, 2011
Choosing The Best Lender
Provided By Yahoo!
You're shopping for a mortgage and you've received four offers from four lenders. How do you choose? The first factor most people consider is the interest rate and other costs, but that's only the beginning. You'll also want to think about the lenders themselves, not simply the numbers they're tossing your way.
Here are five steps to follow when determining which lender is right for you:
1. Compare fees as well as interest rates
Comparing loans based on their annual percentage rate (APR) is a good place to start, but it's not enough. In the case of a mortgage, to get a more accurate breakdown of costs, ask the various lenders for a formal "good faith estimate" of all the fees you'll incur with your loan -- this is a standard form lenders must provide you that is more detailed than the overview you'll get with an offer. Also, ask about potential charges that may not appear on that list, such as prepayment penalties. You're not just comparing numbers here: determine how honest and upfront you feel the lender is being, and don't use a lender that you feel is evading your questions.
2. Consider your individual circumstances
Bigger lenders aren't necessarily better than smaller ones, especially if you have unusual circumstances. For example, some lenders specialize in loans for people with poor credit, while others may have more options for those with small down payments. If you have special borrowing needs, look for a lender with experience working with people in similar situations.
3. Look at the range of loan types available
There are more loan options available than ever before, so take advantage of all that choice. Look for a lender who offers a wide variety of loan types, from conventional fixed-rate and adjustable-rate to newer ones such as hybrid ARMs and option ARMs. Your lender should be able to match you with a mortgage that's right for your financial situation and risk tolerance.
4. Evaluate the level of customer service
When you're comparing offers, ask each lender about their policy regarding locking in their quoted rates and see whether there is a fee. Also, ask them to amend one of the terms (such as a payment cap) and see how willingly they agree. You're looking for flexibility and responsiveness. And also note how well they listen to you. If you ask for a 30-year fixed-rate mortgage, they ought to present that as an option, not push you toward something different, such as an interest-only loan. If you're not getting good service from a lender who is competing for your business, you're not likely to get it after you've agreed to work with them.
5. Check out the lender's reputation
Word of mouth is important in every business, including the loan market. If you've never worked with a particular lender, you'll want to find out the opinion of people who have.
Are you ready to purchase a home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
You're shopping for a mortgage and you've received four offers from four lenders. How do you choose? The first factor most people consider is the interest rate and other costs, but that's only the beginning. You'll also want to think about the lenders themselves, not simply the numbers they're tossing your way.
Here are five steps to follow when determining which lender is right for you:
1. Compare fees as well as interest rates
Comparing loans based on their annual percentage rate (APR) is a good place to start, but it's not enough. In the case of a mortgage, to get a more accurate breakdown of costs, ask the various lenders for a formal "good faith estimate" of all the fees you'll incur with your loan -- this is a standard form lenders must provide you that is more detailed than the overview you'll get with an offer. Also, ask about potential charges that may not appear on that list, such as prepayment penalties. You're not just comparing numbers here: determine how honest and upfront you feel the lender is being, and don't use a lender that you feel is evading your questions.
2. Consider your individual circumstances
Bigger lenders aren't necessarily better than smaller ones, especially if you have unusual circumstances. For example, some lenders specialize in loans for people with poor credit, while others may have more options for those with small down payments. If you have special borrowing needs, look for a lender with experience working with people in similar situations.
3. Look at the range of loan types available
There are more loan options available than ever before, so take advantage of all that choice. Look for a lender who offers a wide variety of loan types, from conventional fixed-rate and adjustable-rate to newer ones such as hybrid ARMs and option ARMs. Your lender should be able to match you with a mortgage that's right for your financial situation and risk tolerance.
4. Evaluate the level of customer service
When you're comparing offers, ask each lender about their policy regarding locking in their quoted rates and see whether there is a fee. Also, ask them to amend one of the terms (such as a payment cap) and see how willingly they agree. You're looking for flexibility and responsiveness. And also note how well they listen to you. If you ask for a 30-year fixed-rate mortgage, they ought to present that as an option, not push you toward something different, such as an interest-only loan. If you're not getting good service from a lender who is competing for your business, you're not likely to get it after you've agreed to work with them.
5. Check out the lender's reputation
Word of mouth is important in every business, including the loan market. If you've never worked with a particular lender, you'll want to find out the opinion of people who have.
Are you ready to purchase a home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
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