Don’t forget that there are some important things to be done before locking in a mortgage rate. While loan rates have been at their lowest in a very long time, they are beginning to creep up again, so now is the time to buy that Hoboken home you have been considering.
One of the most important things to do is to be sure to shop around when looking for a Hoboken loan. Shopping for a mortgage is critical and some may say it is even more important than the actual home-buying process.
Following are a few helpful hits to consider while looking for a loan:
Be Sure to Find the Lowest rate. Something as simple as a fraction of a point can make a big difference in a loan, since it can be worth thousands of dollars during the lifetime of a loan.
Investigate Fees. There is lots of negotiation available for the cost of fees. Educate yourself regarding fees and know what you are required to pay.
Find Out About Penalties. Most loans do not include a pre-payment penalty fee but ask to be sure about this.
How Long is the Lock-in Period If you take the route to secure your loan before looking for a home. it is possible you may need more time to find the home you want to buy and a loan-lock loan period generally goes from 30 to 90 days and the timing of the lock-in is crucial.
Be sure to take the time to explore your options while searching for a loan. It will be time well spent in the long run.
For help with understanding the mortgage market, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.