I am Joni Miller, loan officer with New Alliance Bank in Feeding Hills, MA. I have been working in the mortgage industry for decades now and have lots of advice for home buyers in Western Massachusetts in all sorts of transitional states. Whether you are shopping for your first home, downsizing your home, helping aging parents, divorcing or any other real estate transition, there are some things you should consider:
When you are shopping for a mortgage there are many questions to ask.
Everyone THINKS the number one question is the rate. Here is what you should know about mortgage rates:
Most lenders can not give out the mortgage rate without knowing what your credit score is.
They need to know what you are trying to accomplish purchase, refinance and what the loan to value is.
All of these factors go into determining the interest rate and if any fees will be charged.
As long as the rates are competitive there are several things to consider:
Can the lender meet your commitment and closing dates?
Can the lender send a pre-qualification to your REALTOR?
How accurate is the pre-approval?
Is the lender going to check your credit income and assets?
If the lender is unclear if you can buy a house what steps will they take to find out.
Buying a house is a big purchase and is not just about who has the lowest rate.
The real question is who are you going to build your trust in when issues arise during the home buying process. When making a mortgage decision in Western Massachusetts and beyond there is one most important factor:
Shop around for who you trust.
If I can be of service with your mortgage questions, please feel free to call me, Joni Miller, loan officer at New Alliance Bank in Feeding Hills, MA at 413-627-2388.
Questions or comments about real estate, real estate financing or legal implications of a real estate purchase or sale? Wondering about the divorce process and how it relates to real estate? Confused about short sales? Considering buying a bank-owned home but find the process overwhelming? Contact us here or find me on Facebook.