Mortgage & Finance Information

If you're like most buyers, a home is the most expensive purchase you'll ever make. Whether you plan to pay everything with cash or find a mortgage to suit your needs, you'll probably need some financing information and guidance. Just as you would talk to your doctor about your health, you should always consult a loan consultant (a.k.a. mortgage broker) to discuss your financial situation before you begin your home search.

There are many lending institutions that offer a variety of mortgage products and financing options and rates can vary widely, so you have several options when starting your search for the best loan.

  • All good loan consultants try to match you and your financial needs up with the best loan package/product they have available to them through their office.
  • You can deal directly with a bank, where the mortgage broker can offer you whatever in-house mortgage programs they have at that particular bank. E.g. Bank of America can offer you their own "No Closing Costs" package, but cannot offer you anything that isn't from Bank of America (for instance, from Wells Fargo).
  • You can deal with an independent mortgage broker, who has no one affiliation with any particular lending institution. This person could be called a 'loan originator, loan consultant, or mortgage broker.' This means he/she can "shop" a variety of different mortgage programs to find the best one (from any reputable bank) that fits your needs. You might have access to both the Bank of America "No Closing Costs" package as well as a competitive other product put out by SunTrust. Independent loan consultants work to find what's best for you and do not receive any incentives or kickbacks to choose one product over another.
  • To get the best package (and this does NOT just mean the best interest rate), most people talk to a few different loan consultants.
  • This does NOT mean shop your mortgage to 15 different mortgage brokers – too many quotes is just confusing. It means you need a few (read: most likely less than 4) different quotes from brokers at banks, OR just a 1-2 quotes from an independent broker.

 

How to choose your finance professional

It is very important that you work with an experienced, trustworthy loan consultant to learn about your different options and find the mortgage package that best meets your needs at the best price. Here are the criteria I suggest you use when choosing one:

  • Someone your Realtor knows, trusts, and refers you to
  • Good listening skills
  • Concerned with what you want to pay, not just what you can afford or qualify for
  • Thoroughly discusses your goals and plans for your home (how long you’ll have it, do you like fixer-uppers, etc.)
  • Explains that APR is the most important number used to compare different loan packages NOT interest rates (because you can get really low interest rates but have really high fees too, canceling out the benefits)
  • Has readily available referrals from past clients/Realtors
  • Works with competent, organized, swift processors who will have the loan ready ahead of time (SO IMPORTANT)
  • Partners with respected, professional appraisers
  • Fully discloses and explains all the fees, requirements, and documents you’ll need to qualify
  • Attends closing (when possible) to answer your questions
  • Continues to follow-up with you even after closing

I only work with a few, excellent loan consultants because it ensures that my clients get the best deals and close on time. I trust them because they are highly professional, constantly up to date on the ever-changing loan market, and absolutely dedicated to ensuring my clients receive the best service and information.

Choosing a great mortgage broker is vital to buying a home, so please don't hesitate to ask me about a referral so you can discuss your loan needs in a confidential and professional environment.

 

Use the mortgage calculator below to assist you in making some decisions around financing your new home.  Remember as you're searching that what you want to spend on a monthly payment should determine your price point NOT the amount you are pre-qualified to buy. 

 

Mortgage Payment Calculator & Amortization Table

 

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, taxes, and interest. The amortization table shows what the interest and principal payments will be over the term of the mortgage.