Will the home you plan to purchase be a primary residence, second home, or an investment property? The classification will have a difference on your home loan terms.
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10 Things – #6 Loan Term
Did you know that home loans are available with repayment terms as little as 10 years and as long as 40 years, with 30 years being the most common? Here is what you need to know about loan terms.
10 Things – #7 Loan Features
Features are options within the terms of a loan which can slightly, if not drastically, affect the loan term agreement. Knowing some of these features can truly impact potential savings, as well as unplanned costs.
10 Things – #8 Credit Score
Credit score is perhaps the single largest variable which contributes to your ability to qualify for a home loan, as well as the terms offered. Understand where the typical adjustment thresholds are in a home loan as it pertains to credit scores.
10 Things – #9 Points Paid
Points are a percentage of the loan amount, and are the area where most people say, “I don’t want to pay points”. However there are times where paying points can be a better financial strategy for you, and understanding when it makes sense to pay points or not is a critical evaluation step.
10 Things – #10 Lender Profit
Contrary to what some may believe, profit is not a bad word. Businesses need to make a profit in order to continue operating. However, the profit needs of one company or operating branch can be drastically different from another, and this will directly impact the interest rates offered.
