Do you plan on keeping your loan for a while? Then it may make sense to "buy" a lower interest rate by paying one or more "points."
Even if you don't know how long you'll keep your mortgage or refinance, it may make sense to buy points now to get a lower interest rate. For example, do you have a high-paying job now but you think you might change careers in the next few years? We can help you sort it out. It's part of our goal to find you the right loan for your means and future.
A point -- which equals one percent (1%) of the total loan amount -- is an up-front fee that lowers your annual interest rate and total interest due over the life of your loan. So, a one point loan will have a lower interest rate than a no point loan. Basically, when you pay points now, you save yourself from having to do it later. You can even pay fractions of points, meaning there are a lot of points packages to work with your specific needs.
There are a variety of rate and point combinations available. When you look at different loan programs, compare the package as a whole, rather than looking solely at the rates. Federal law requires lenders to publish their loans' Annual Percentage Rate, or A.P.R. The A.P.R. is a tool used to compare different terms, points, and offered rates.
Why you should get an Inspection
Whether you are buying or selling a home, you should have a professional home inspection performed.
A home inspection will look at the systems that make up the building such as:
If you are buying a home, it is essential that you know exactly what you are buying. An inspection from a professional home inspector will reveal any issues with the home so that you can address them before closing off on the deal. When you make your final offer, be sure that you require an inspection. An inspection contingency should be in the contract. Hire your own inspector, and pay close attention to their report. If you are not comfortable with what they find, then you should cancel the deal.
If you are selling your home, you need to know about such potential hidden problems before putting your house on the market. Nearly all contracts are contingent on a satisfactory inspection being completed, and most buyers will insist that the inspection is done by a professional that they hired. If the buyers inspectors find a problem, the buyer may get cold feet and back out of the deal. It is in your best interest to get ahead of the problems, and deal with them before the buyer can find them. If you don't, you can count on the buyer's inspector finding them, and at the worst possible time.
Five ways to make the loan process go faster
We should say that "working with us" is the first way! When you let us help you find the perfect loan, you are getting the best expertise in the Norman area! With that comes an easy and speedy loan process.
But here are five other ways you can speed up the process of getting a mortgage loan:
And remember that the appraiser doesn't want to buy your house. He or she will say what the house is worth clean and tidy and in reasonable repair, even if you have some dirty laundry on the laundry room floor or dirty dishes in the sink. Cleaning doesn't get you a higher appraisal! Letting the appraiser in as soon as possible gets you a loan faster, though.