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Getting Into Business: Don’t Start It! Buy It!!
Many of us have felt the entrepreneurial pull of running our own business at one time or another. The allure of being your own boss can be really strong, and it’s no wonder. Small business ownership and its operation has proven to be one of the...
Protectionism in Russia
The new law "Special Protective, Antidumping and Import Compensatory Measures" differs from the old one by the fact that it fully complies with the WTO (World Trade Organization) standards. It is for the first time in the Russian practice that a law...
Refinancing to Lower Monthly Loan Payments
It can be frustrating to go through the loan process only to
have interest rates or payment terms to change drastically
within a year of you signing the loan papers.
Of course, depending upon the type of loan that you applied for
and the...
Selling Your Home – What Can Go Wrong With Pricing and Loans
So, you’re selling your home (house, townhouse, condo, apartment, land, lot, farm, ranch, etc.), what can go wrong? The sad fact is that a lot of things can go wrong. However, don’t despair, there are almost as many solutions as problems. In this...
Standards are great, but best practices make everything better!
When I travel, I've got standards set for such things as hotels
where I get booked. They must be in a safe area, clean and
reasonably close to the client site. My flights must be
prebooked -- never standby -- on a major carrier...
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What the bank won't tell you about your home mortgage quote
Shopping for a house is probably the most significant financial
decision that you will make in your life. When you shop for your
home by first attaining a home mortgage quote, your decision
becomes even more momentous--you need to perform a balancing act
between the house of your dreams and factors such as the down
payment and interest rate payable.
Your first stop in this process will probably be your bank.
This is the most obvious option, but may not always be the right
one; there are things your banker will not tell you about a home
mortgage quote. In other words, the home mortgage quote that is
good for your banker may not be the best one for you.
Prevailing interest rates
Take the issue of interest rates. Rates fluctuate according to
market exigencies. When you start your negotiations for a home
mortgage quote, the interest rate might be higher than at the
time you actually avail the loan. You must keep a track of such
fluctuations, and induce the bank to provide you with the
advantage of the prevailing rate. Your lender may not tell you
this, but the difference could mean several hundred extra
dollars. Therefore, it is always a good practice to consider
alternative information sources before finalizing the home
mortgage quote, and then compare rates on offer. With easy
access to the Internet, you can even generate online quotes from
web sites. This exercise will help you prepare well for
negotiating with your banker regarding the interest rate.
Mortgage tenure
The mortgage tenure is another important question that you need
to query. From the point of view of the bank, a 30-year fixed
rate is most suitable because it can bring in returns of up to
4-5 percent for the bank. However, is it good for you? If you
are looking to refinance in a period of about seven years, a
30-year rate is a disadvantage because you would be keeping the
loan for only seven years.
Hidden fees and levies
Once you have finalized the purchase of the house and the
interest rate with the bank, you would think that getting the
right home mortgage quote is guaranteed. However, you need to
watch out for those hidden fees or "add-ons", which your banker
might not have explained at the outset: loan processing
fees,
warranties, insurance, and the like. It always pays to put these
issues on the table before finalizing the home mortgage quote.
Disproportionate service charges
In your market research for the right home mortgage quote, your
focus is obviously the lowest interest rate. However, this
should not be your only guide because some banks attract
customers with the offer of a low rate, but may levy charges for
services that are non-existent. A real-world experience is of a
Fairfield, Conn., graphic designer who discovered that his bank
charges fees for services such as lender inspection and notary
at a rate much higher than normally acceptable. It is a prudent
step to compare the complete fee package before committing to a
quote. It is important to remember that lenders often offer to
waive a particular fee levied by your bank in an effort to close
the deal. So, it is important to recognize such opportunities
and press home the advantage.
Besides raising these factors, you must also consider issues
that are more closely related to your personal decision-making
capacity, and for which no banker can tender advice:
* Be sure of the reasons for buying a house.
* Ensure that the size of the house is right for you.
* Choose the right time in the year to buy a house (there could
be a particular time in the year when home prices drop,
depending upon your location).
* If you decide to involve a real estate agent in procuring your
home mortgage quote, find the right estate agent and be aware of
his/her commissions.
* Select the location of the house carefully keeping in mind
resale value.
* Inspect the house thoroughly, identifying problem areas and
factoring them into the price.
Getting a home mortgage rate that suits your requirement is one
aspect, living with it is another. However, once you have
understood the operating market forces in this arena, you will
go a long way toward successful management of both these
aspects.
About the author:
Paul Lerner enjoys writing about a variety of mortgage topics,
including advice on getting a home mortgage quote.
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