The children are heading back to school which means summer is winding down. The busy home buying season is coming to an end, which is great for buyers. When the busy season winds down it means less competition and can allow you to take your time looking for a mortgage and a home. Let’s discuss four things you need to pay attention to if you are shopping for a mortgage.
- Rates. It is crucial to pay attention to rate trends in your state. Even though you shouldn’t shop on rate alone, a low rate can save you a significant amount of money a month which can lead to thousands of dollars over the lifetime of a loan. Rates are also very low right now due to different factors in the economy. Now is a great time to think about locking one in. Call our office today to ask our lenders about rates.
- Points. Do you want to pay points? Borrowers sometimes pay “discount points” to reduce the loan’s interest rate. This may make sense for those that are planning to stay in the same home and not refinance for a long period of time. You can also talk through your options about points with one of our knowledgeable lenders.
- Fees. Typical fees include: an origination fee, appraisal fee, credit report fee, tax-related fee, underwriting fee, FHA upfront premiums, etc.
- Reviews. We love hearing from our customers and their experience with First Ohio Home Finance. We believe that our reviews and testimonials are the truest reflection of our service for our customers. To see what our customers are saying, you can check out our testimonials or our reviews on Zillow.
Shopping for a mortgage can be an overwhelming process; we […]