Birmingham Mortgages- Four Important Questions To Ask Your Lender Before You Sign Any Of Their Documents
March 3rd, 2010Categories: Birmingham, Birmingham Alabama, Mortgage
Birmingham, Alabama – In order to get the best Birmingham Mortgage loan for your needs, you need to consider your own financial situation, pre-approval, your credit history, and closing rates. In this discussion, we give you a leg-up on the process, by giving you some pertinent questions to ask lenders before you commit to one.
Do you have a variety of loan programs to fit my cash flow and expected length of ownership needs?
If you are going to live in your new Birmingham AL home for less than five years, you may want to consider an adjustable rate mortgage or “ARM.”
With an ARM your payments will be lower, but they will go up according to the terms of the loan.
If you are going to live in your new home for over five years, a traditional fixed-rate Birmingham mortgage may be a better deal.
Do you offer written mortgage pre-approvals, not just pre-qualifications?
A “pre-qualification” is usually a lender’s opinion of your eligibility for a loan. If you ask to be pre-approved, the lender will actually submit your job and credit history to an underwriter and get a conditional approval for a loan and a loan commitment.
The advantage of having a pre-approval is that it will make your offer to buy Birmingham AL homes for sale stronger and it will usually allow you to close the deal faster.
Click here, if you would like some to get your Birmingham Mortgage Approval. Also, if you are not sure where you want to live check out our Birmingham Alabama real estate community reports or go ahead and search all the Birmingham AL Homes For Sale
Do you have the ability to handle difficult credit history?
Many lenders will only work with you if you have perfect credit, and if a problem comes up, they won’t help you.
Make sure your lender has reviewed and received approval for you and your specific credit history.
Is the rate that you quoted me the rate I will get at closing?
Many lenders advertise their Birmingham mortgage rates in the paper and in homes magazines. These are what are called “Teaser Rates” in the industry. The name says it all.
After they’ve got you committed to using them, many lenders then tell you what the “real” rate will be. By this time, it’s too late for you to do anything about it.
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- deep understanding of what’s really happening with home values in your real estate market ( Birmingham Real Estate Market Reports by area).
We have helped many families sell their Birmingham homes, quickly and painlessly even in this difficult housing market. In fact, we may already have a buyer for your property because we understand that over 84% of home buyers today are finding their next house on the internet which is why when you use our Smart Home Selling Plan we make sure they are seeing your home first.
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Jason Secor - Birmingham Alabama Realtor
Jason,
Thanks for the info. Seems like you are on top of the game and providing your customers with all the info. they need to make informed decisions.