There are literally hundreds of different types of home loans available. No one lender could possibly have them all. There are a number of factors to consider besides just the interest rate, such as points, loan origination fees, brokers fees, "junk" fees, and other expenses that may wipe out what appears to be a lower interest rate. Be aware also of bait-and-switch tactics where a low rate is quoted but then becomes unavailable for some reason. Interest rates do change frequently but a loan officer should be able to give you a written Good-Faith Estimate and a statement of the interest rate at that point in time given certain (written) credit criteria.

The most important thing to consider is whether the mortgage company and the loan officer you are working with can deliver the loan for you when it is supposed to be delivered and with as little hassle for you as possible. When a loan officer or mortgage company botches your loan, you usually don't know it until shortly before settlement when it will likely create major problems, not just for you but also for the seller (and beyond if your seller is buying a house).

CREDIT:

First, do not check your own credit or at least don't do it more than once. Multiple "hits" on your credit report can lower your credit score. Almost anyone can get a mortgage of some kind, no matter what your credit, if you're willing to pay for it and are putting a significant amount down. The better your credit, the better interest rate you can get (generally) and the lower down payment you have to make. Owing money isn't a bad thing; not paying your bills on time is. Don't believe the urban myths about who can and can't get a mortgage. Just call me and let's see what your specific situation is and what you can do. If it isn't possible for you to buy now, at least we can formulate a plan for you to be able to purchase a home in the future.

COSTS:

There will be approximately $1,000.00 in expenses before settlement, including the appraisal, home inspection and first year's homeowner's insurance.

Once you get to settlement, your closing costs will typically be about 3% of the purchase price, although this number can vary tremendously depending on property taxes, sales taxes, fees charged by the lender and settlement company, and whether you've chosen to pay any points to the lender. It is sometimes possible to have the seller pay all or part of the buyers' closing costs, depending on the type of loan, your particular situation, and what the market is like in the area where you are buying.

Your down payment can be as little as zero or as high as the full price of the house, depending on the type of loan you've chosen and your particular cash and credit situation.

Call me if you'd like a rough estimate of qualification and closing costs or CLICK HERE for more information and to contact a good mortgage company and loan officer.