Most buyers in today’s market plan to finance the purchase of their new home. Pennewell Simpson Partners can guide you in finding the right lender to meet your needs.
If you have not financed a home purchase recently, you will find that the market has changed significantly. Financing is readily available – for primary residences, second homes, jumbo loans, and even investors, but generally requires higher downpayments, better credit scores, and more documentation than just a few years ago.
And it’s not just about the interest rate anymore. Of course the interest rate will be an important part of your financing decision, but you also want a lender that can help you evaluate options, that can clearly communicate the differences to you, and can deliver an on-time closing.
Most lenders offer a variety of loan products – from adjustable rate mortgages with varying terms to long-term fixed rate mortgages, or even piggy-back loans. The right mortgage lender will carefully evaluate your needs, and help you determine which product is right for you.
Your lender will have a pivotal role in ensuring that your closing goes smoothly and you can move into your new home on time. Make sure your realtor and your lender guide you in what to expect during this process so that you don’t encounter unpleasant surprises or un-necessary stress.
Plan to meet with one or more mortgage lenders or brokers early in your home buying process. That way you will be prepared when you find the perfect home. Your offer will be stronger if it includes a loan pre qualification.
Where to start? Your current bank or investment advisor can be a good first stop. And of course, the internet can be invaluable when shopping for rates. Pennewell Simpson Partners has a network of lenders that we know and trust – call us today if you need assistance in finding the right lender.