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REAL ESTATE REFINANCING CHECKLIST 1 8 Inglewood Business Magazine July - September 2015
INGLEWOOD BUSINESS <strong>MAG</strong>AZINE After mortgage rates stayed surprisingly low in 2014, who knows how they will shake out in the new year? Either way, borrowers who want to refinance or buy a home have the best chance to get the lowest rate by knowing more, not less, about the mortgage game. These 10 tips can help you navigate the mortgage process in 2015. 1 . Don’t buy a home beyond your budget. A home should be a source of investment not a financial heart ache, especial for first-time buyers. Borrowing from family members and living from pay check to pay check makes for larger mortgage payments and bigger risks in the future. 2. Always be on the lookout for competitive rates, points and fees. Compare different bids. 3. Obtain an immediate confirmation of your locked in interest rate terms, point and fees. 4. Never agree to prepayment penalties. If there is no mention of prepayment penalties, make sure you have an addendum attached to the mortgage that specifically states that no other penalty fees will be added. 5. Know all that you can about your loan! Ask thorough questions and seek advice from professionals that you trust. 6. Pick the right kind of loan. Rates are higher on 30 year loans than on comparable 1 5 year loans. Lenders hate holding loans at below market rates. Try considering “hybrid” loans –those with a fixed rate for the first five or seven years of their 30 year duration. If you’re going to be in your home for a shorter period consider an adjustable rate mortgage. 7. If you are buying rather than refinancing, consider getting preapproved mortgage or contingent loan approval letter. Pre–approval can strengthen your negotiating position with the seller, however it can add pressure on you to close a deal before the loan commitment expires. A contingent approval is a letter from the lender that states that the largest loan that you would qualify for. It will also give you additional negotiating leverage without binding you to the lender or the lender binded to you. 8. Save all of your documents! Inglewood Business Magazine July - September 2015 1 9
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