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Questions to Consider As You Evaluate Your Mortgage Options

by Camara Realty, LLC 10/29/2018

Getting pre-approved for a mortgage may prove to be a long, arduous process if you are not careful. Fortunately, homebuyers who plan ahead should have no trouble obtaining a mortgage so they can enter the housing market with a budget in hand.

Ultimately, there are many questions to consider as you assess your mortgage options, and these questions include:

1. What type of mortgage should I get?

The two most common types of mortgages are adjustable- and fixed-rate varieties. If you understand the differences between these mortgage options, you can make an informed mortgage decision.

An adjustable-rate mortgage generally features a lower initial interest rate than a fixed-rate option. However, after a set amount of time, an adjustable-rate mortgage's interest rate will increase.

Comparatively, a fixed-rate mortgage has an interest rate that will remain intact for the life of your mortgage. This means you will pay the same amount each month until your mortgage is paid in full.

When it comes to deciding between an adjustable- and fixed-rate mortgage, it pays to look at the pros and cons of both options. Remember, no two homebuyers are exactly alike, and a mortgage that works well for one buyer may not work well for another. But if you evaluate adjustable- and fixed-rate mortgages closely, you can make the best-possible decision.

2. What differentiates an ordinary lender from an outstanding one?

There is no need to settle for an "ordinary" lender as you pursue mortgage options. Instead, you should seek out an exceptional lender that goes above and beyond the call of duty to assist you.

Typically, an outstanding lender employs mortgage specialists who are ready to respond to any concerns or questions. These specialists can help you evaluate a broad array of mortgage options and decide which mortgage best suits your individual needs.

Don't be afraid to meet with several banks and credit unions, either. This will allow you to assess many lenders and select one that matches or exceeds your expectations.

3. Which mortgage should I select?

There is no one-size-fits-all mortgage that works well for all homebuyers, at all times. As such, you should conduct plenty of research as you explore your mortgage options. This research will enable you to analyze assorted mortgages and lenders and make the optimal choices.

Once you have a mortgage, you can move one step closer to acquiring your dream house. And if you collaborate with a real estate agent, you can receive expert support at each stage of the homebuying journey.

A real estate agent is a must-have for any homebuyer, regardless of the current housing market's conditions. This housing market professional can teach you everything you need to know about buying a house. Also, he or she can help you examine a vast collection of available houses.

Ready to kick off a house search? Get pre-approved for a mortgage, and you can enter the housing market with a homebuying budget at your disposal.

About the Author

Author
Camara Realty, LLC

I have been in the real estate services business in the Juno Beach, Jupiter, North Palm Beach, Palm Beach Gardens, and Tequesta real estate markets for many successful years and will be here for many more. This longevity and confidence comes from my real estate services to a great many Buyers and Sellers, and their recommendations to others that result in repeat and referral business that keeps me productive and successful.

As a full service Juno Beach, Jupiter, North Palm Beach, Palm Beach Gardens, and Tequesta real estate professional, I work with Buyers, Sellers and Investors in real estate transactions spanning all of the price ranges and property types.

Residential Single Family – My residential single family services connect Buyers with Sellers every day, and I do it with professionalism and a total dedication to my clients. This property type is the majority of my market transactions, but by far not the only one in which I have expertise.

Condominiums – While condominiums are residential, they’re a very different market focus, and I am an expert in evaluating condos and helping Buyers and Sellers to cope with the special financing and homeowner concerns for this property type.

Multi–family – Investors are great clients for me. Multi–family properties are a very unique market. The detailed return on investment and valuation calculations investors need to evaluate properties for rental are second nature to me.
 

Vacant Land – Land is a very special property class. It’s relatively easy to show a gourmet cook a wonderful commercial kitchen in a home and see their eyes light up. It’s more of a challenge to help a Buyer or Seller to realize the potential in a piece of land. I'm the best at it in the Juno Beach, Jupiter, North Palm Beach, Palm Beach Gardens, and Tequesta real estate markets.

Call me at 561-629-3979 or email me to start a discussion of your needs. Or, fill out this quick form and tell me about your property interests and an overview of your needs.