Working With Your Mortgage Lender

(This post is Part 2 of my “Mortgage Lender” blog series. You can read the first blog in the series here.)

Once you’ve found a mortgage lender you trust, it’s time to get to work. But not just for your mortgage pro — you need to be involved, because the more you know, the better.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

You’ll want to know as much as you can about:

RATES

This is one of the most important parts of the homebuying process. Getting a good mortgage loan rate means less money in your monthly payment — and more money in your pocket.

Talk to your lender about:

  • Delivering on the rate or range they mentioned.

    • (It might not seem like it, but there’s a big difference from 5% to 6%.)

  • How your rates may vary, and the contributing factors.

    • (Ex.: Your income, assets and credit will be highly important.)

  • When the rates will be determined.

    • (They cannot be determined until credit and other guidelines are met.)

POINTS

A “point” is one percent of the amount of your mortgage loan. Make sure your lender explains:

  • What your points will be equal to and how they affect your loan rate

  • How points can be charged (for both fixed-rate and adjustable-rate mortgages) in order to increase the yield on the mortgage AND to cover loan closing costs

    • These points are usually collected at closing and can be paid by the borrower or the seller — or may be split between them.

FEES

Banks charge them, lenders charge them — fees are an unavoidable part of a major transaction like a home purchase/sale. Make sure to ask your lender:

  • What fees are associated with my loan?

  • Can you explain each one and how they might affect the overall loan?


GET ALL THE SPECIFICS

There are lots of other details worthy of your attention. You’ll want the answers to questions like these:

  • What loan programs do you offer?

  • Can I see a good faith estimate right away?

  • Can I see estimated closing costs?

  • Are you certain you can get a deal done by closing?

  • Can you get approval for my loan locally?

THE THREE MOST IMPORTANT TIPS ON WORKING WITH YOUR MORTGAGE LENDER

  • Do your homework. This is a huge amount of your money at stake!

  • Make sure you’re working with someone you trust at a reputable company.

  • Before you sign on the dotted line, make sure you understand all the details.

If you have a question about mortgages or choosing a mortgage lender, let me know! I’m a REALTOR who also worked as a loan officer in the mortgage industry — and I can help point you in the right direction.

Think you’re ready to start the homebuying process? Call 267.566.3448 or email me at shannon.rubin1@gmail.com right now!

© 2013 by Shannon Rubin.

My New (Work) Home: Coldwell Banker Apex, Realtors

Sorry for the lack of blog updates, but I’m back with good news and more helpful articles!

THE NEWS

I’m proud to announce that I’ve joined the team at the McKinney office of Coldwell Banker Apex, Realtors. You can see the location on the Google Maps widget at the top-right of this page.

(I still live in Frisco, and will continue to serve all of my neighbors in Collin County — as well as Dallas, Denton and Tarrant counties.)

I’ve actually been with CB for several months now, and I’m truly happy with the support I receive from the rest of the team.

coldwellbankerapex

WHY COLDWELL BANKER?

It’s the oldest and most established residential real estate franchise system in North America, with 82,000 agents in 50 countries around the world.

But it’s also known for being innovative — as the first full-service real estate brand to:

  • launch a national website

  • stream listing videos online

  • create social media and iPad applications

  • design mobile-friendly sites

  • and more

WHY SHOULD YOU CARE (WHAT DOES THIS MEAN FOR YOU?

This doesn’t mean i’m changing — I’ll continue to work as hard as ever for my clients. Your real estate needs are my top priority.

But there are two good reasons this move is relevant to you:

  1. I’ll have the oldest residential real estate franchise system in the country supporting me as I work for you; and

  2. I can help you, your family and friends anywhere in the U.S. — by referring them to a trusted agent in the Coldwell Banker network.

No matter where my office is, my job is helping clients like YOU.

If you’re even just thinking about a move — whether you’re buying, selling or leasing — call me at 267.566.3448 or email me at shannon.rubin1@gmail.com today!

© 2013 by Shannon Rubin.

My Blog is Back — With A Brand-New Look!

Hope you like the blog’s new design!

Let me know if it looks OK to you — I want to make sure that any of the good people who visit me here can view everything clearly.

IMBACK

SO WHERE HAVE I BEEN?

Right here the whole time, although I’ve sadly ignored my blog. But no more!


Top 7 Reasons I Haven’t Updated My Blog:

7. Have you been to the public splash parks in Frisco and Allen? I have!

6. I had to get through 46 episodes of “Chopped” on my DVR.

5. Coincidentally, I now know how to make a tremendous bread pudding.

4. I’ve been invited to lots of tea parties by my daughters.

(And you do NOT decline those invitations.)

3. I conquered a brief addiction to caramel macchiatos.

2. I was stuck in Tollway traffic.

1. I’ve been busy working with my clients — and they’re my #1 priority!


COMING SOON

My move to Coldwell Banker, my next article on “Working with your Mortgage Lender,” and much, much more!

Buying, selling or leasing your next home? Call me at 267.566.3448 or email me at shannon.rubin1@gmail.com today!

© 2013 by Shannon Rubin.