Now that we have the two key questions under our belt and by
now hopefully you have some answers from your lender here are a few more that may help
you land the best deal for you and your family.
Now that you have a rate that you’re happy with and are ready
to go shopping for your new home ask your lender this “ How long will you hold that
rate for me”? Depending on who you are dealing with you may find that
it is only for the next 30 to 45 days and if so you had better get moving. Some
lenders will provide a very attractive rate but only for a short time period, it’s
their way of getting some quick business. Or you may find yourself being
offered a rate but locked in for the next 6 months. Sounds great but if you
find something fast will they give you a better rate for a quick close?
So the second questions today should be if “rates
drop will you automatically lower my rate”? And “how will I know.” I
think the reality is that you always have to ask before you sign if this is the
very best you can get. It’s difficult to be so aggressive but hey it’s your
money and nobody is going to look after it better than you!!!
If you haven’t already noticed when you start shopping for a
home, real estate agents and sellers will ask if you are pre-approved. The
reason they are asking is to determine how serious you are! If you are prepared
and hand over a pre-approval letter or can say you are pre-approved with so and
so from this or that bank watch how you get more of their attention. Believe it
or not there are a lot of tire kickers in the market and nobody wants to waste
their time only to find out this buyer has no intention of buying. So the final
question for today is “Can I get pre-approved for this rate and
will you put it in writing”? This option will give you some negotiating
leverage and we all know any leverage is good leverage.
More great mortgage questions coming soon from Oakhill Realty
or call us today and we’d be happy to share all our knowledge with you.
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