Exploring your loan choices

Avoid postponing your exploration of financing options until you've identified a home. Begin researching mortgage choices now to ensure preparedness when you encounter the perfect home. Follow the steps below to engage with lenders, pose inquiries, and determine the most suitable mortgage for your needs. Obtaining a preapproval letter signals your seriousness to sellers without committing you to a particular lender. In the subsequent stage, you'll compare offers from various lenders and select the most favorable deal.

While a 30-year fixed-rate loan is a popular choice, it's essential to recognize that it's not the only option available. Depending on your circumstances and goals, consider exploring different loan types that may better suit your needs. Gain an understanding of market interest rates by exploring various options, such as comparing a 30-year fixed-rate mortgage to a 15-year fixed-rate mortgage to evaluate how interest rates differ.

Feel free to simultaneously begin looking at homes and exploring loan choices. Whether you've initiated your home search or prefer to examine loan options beforehand, the decision is yours. However, it's crucial not to wait until you've found a home before delving into your loan options. Having a clear idea of the type of loan that suits you best before submitting an offer is essential. The action steps in this phase are designed to assist you in making informed decisions. As there is no predetermined right or wrong time to commence home shopping, we've included our home shopping tips at the end of this phase for your convenience.

VICTOR VARELA

REALTOR MORTGAGE BROKER

XPRESS REALTY GROUP & LENDING