Be Aware: Know your loan Summit County Colorado Real Estate Guide

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Be Aware: Know your loan

Knowing whether or not a loan is right for you is ultimately your responsibility. It is always a good idea to visit a few mortgage companies and ask them what would be the best loan for your individual circumstances. You must always take into consideration the best available rate for that day and make your lender do the work for you. Be aware of your rate lock and make sure that the lender puts in writing. Make certain to keep in contact with your lender so that they are promptly getting your application finished.

Once you have determined what type of loan would work best for you, generate an example of the loan amount and see what the outcome is. When receiving the estimated closing costs, make sure to get them detailed and itemized. Carefully look at the figure called “amount financed” and if it does not equal the principal you are borrowing (minus points or interest paid upfront) ask WHY? It might be a good idea to see who your realtor recommends for a lender, but make sure that you check out at least one or two others.

You will also want to understand all the terms of your mortgage insurance if you need it and have your lender explain in detail what conditions you have to fulfill before you can stop paying for insurance. Just remember that lenders make money on the interest you pay. If you reduce that interest by prepayment of your principal, the lender looses money.

Be Aware: Know your loan - Summit County, Colorado

Colorado Real Estate - Be Aware: Know your loan

Be Aware: Know your loan Summit County Colorado Real Estate Guide

Be Aware: Know your loan

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