Understanding mortgages is the same no matter where you go, but the actual mortgage on your Tucson home may vary from lender to lender. The mortgage is offered to the buyer with the intent to purchase a Tucson home through that lender. However, with every lender the terms and conditions can change dramatically. Each lender may provide something different.
Before you commit to a specific lender and their mortgage, be sure to get all of the facts by knowing the right questions to ask.
Begin with the Basics
There are many different types of mortgages, some lenders my offer more types than other lenders. This would be a good place to start, especially, if the buyer already has a certain type of mortgage in mind already.
Some of the common types of mortgages include adjustable rates, fixed rates, interested only rates and negative amortization. Each type of mortgage can have benefits and drawbacks. Be sure to have the lender cover what each type of mortgage will mean to you and your bottom line.
Ask About any Extra Fees
Knowing how much the interest rate will be is very important, however, knowing exactly how much it will cost in extra fees is equally important.
Always ask the lender what fees you will have to pay as well. There are many things that your lender can charge you for and they can really add up.
A low interest rate is clearly one of the most highly desired pieces of information that a Tucson buyer can get from their lenders. The lower the interest rate the buyer can get, the more money that the home buyer can save. Having the lender quote average interest rates can be deceptive. Interest rates mainly depend upon the borrower’s credit score.
Paying It Off Early
Some lenders will include a clause that will penalize the borrower for paying off the loan early. This is not a global clause, so it is always good to double check before signing for your mortgage.
Homeowners who don’t expect to live in the same house for the rest of their lives may want to pay off their mortgage early. Being aware of what that penalty is will be helpful.
How Long Does it Take
Every mortgage company has its own process for approving and processing mortgages. Some companies are able to to process them faster than others. However, if a Tucson buyer needs to get their mortgage processed as quick as possible be sure that your lender is able to handle that. Some borrower’s think that they will obtain access to their new home within a couple of weeks, but sadly, the process can take up to several months.
If you find that you need to sell your home fast and are not able to wait for your buyer to obtain a mortgage, consider speaking to us at Stained Glass Homes. We are able to offer you a cash payment, rather than waiting weeks or even months for a mortgage to be approved. Call us today at 520-200-3334 for a free, no-obligation offer, or click on the button below and send us your contact information and we can call you back.
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