Which Mortgage Lender is Best for You?

You've decided to buy a home. You may even have already picked out your dream house. Now how do you find the perfect mortgage lender for you? You will probably be doing business with your mortgage company for many years, so you will want to do everything you can to ensure a good relationship from the beginning. Make appointments to interview loan officers with a number of local financial institutions - banks, credit unions, mortgage companies - and base your decision on experience, knowledge, services and comfort.


The Better Business Bureau suggests you start with these questions:

B Are they a member of the Better Business Bureau?

B Does the office appear well established?

B Is the company affiliated with other industry and city organizations?

B Does the lender explain the application process and answer your questions thoroughly and to your satisfaction?

B Is the loan officer knowledgeable and attentive to your needs?

B How much experience has the loan officer had?

B How long has the company been in business?

B What services related to your mortgage does the company offer?

There are no right or wrong answers, just comparatives to help you determine which fits best with your needs and comfort levels.

Finally, while you are deciding which company to use, make it clear you are only interviewing lenders and do not give the loan officer personal information such as date of birth, social security number, address, etc. while you are still shopping for a mortgage. Doing so could cost you lots of money. Frequent credit checks, even if you are not applying for a loan with that company, lower your credit score ... and could raise the interest rate and points you have to pay. Only give your personal information to the lender with whom you eventually choose to apply.

By the way, did you know that you don't have to have an account with a bank or credit union in order to obtain a home loan?

Next week: Choosing the Right Mortgage.

Fix It to Sell It

The fact is that most buyers want a move-in-ready home. They don’t want to spend more time, energy and money to clean, patch, paint, dig, prune, plant or repair. Make these simple, inexpensive improvements and watch buyer interest improve, too.

B Open the blinds and drapes and wash the windows: there is nothing else you can do or buy that will produce a more dramatic change and make every room seem brighter and larger.

B Clean the yard. If a buyer can’t see the front door or has to carve a path through the jungle, they are unlikely to have much interest. Mow the grass, put away tools, toys and outdoor furniture that is rusty or ragged. Put a few plants in containers on or near the front porch.

B Cut the clutter. "Stuff" makes a room look smaller. Clear and clean counters, tables, and shelves give buyers the ability to imagine their own things in those spaces. If you don’t absolutely need it, pack it or pitch it.

B Clean your kitchen and bathrooms – Of course you’re going to clean everything, but pay particular attention to the kitchen and bathrooms. Clean the stove and oven, scrub countertops to remove stains. Wipe down cupboards and appliances and keep the floor swept and mopped. Take the kiddie art and magnets off the refrigerator; put away countertop appliances and canisters. After a thorough scrubbing, hang a new shower curtain and place a small bowl of fresh flowers on the counter to freshen the bathroom. Put out your best towels, and keep used soap bars in “travel boxes” and out of sight.

B “What’s My Line?” – Don’t leave buyers guessing the purpose of a room. If you have set up a home office or children’s’ play room in a spare bedroom, hallway alcove, or unused dining room, that’s what a buyer will see. Buy, borrow, reuse or rent room-appropriate furniture so that buyers see each room at its best.

It's a Great Time to Buy!

Why should I think about buying now? Several factors have come together making this the perfect time to buy a new home or invest in property.

1. Inventory: Conditions are ideal for buyers to find their dream home. Inventory is more plentiful than anytime in the last 5 years. Economists predict that number will go down in 2008 – which, of course, is another great reason to buy now before prices start inching up.

2. Favorable interest rates/reduced prices: Lower rates multiply your financial power, especially with rates are near a 40-year low. Buyers can get more home for the money.

Why Florida? For singles, families and retirees, Florida is still a paradise where people want to have their own piece of sunshine.

1. People continue to move here. It’s estimated that 900 people move here every day. Based on recent trends, the director of University of Florida Bureau of Economic and Business Research says he expects Florida to add about 300,000 residents a year during the next two to three years unless there is a recession.

2. Low unemployment. Almost 120,000 jobs were created in Florida in the year between August 2006 and August 2007. Florida’s unemployment rate has hovered at or under 4% for a long time. Jobs are plentiful, and that trend will continue. A recent study by Bizjournals called “Where the Jobs Are” found that 7 of the hottest 15 job markets are in Florida.

3. Interest rates are on a par with rates in the 1960s. And thanks to the Fed’s recent rate cuts, we’re already seeing lower rates on home equity and mortgage loans, including jumbo loans. The Fed’s action effectively increases the number of homebuyers able to make a purchase, which should increase demand, and also help support home prices. Home prices continue to stabilize, inventory is plentiful and homebuyers have lots of options.

Part of the recently passed federal economic stimulus package raises the caps on mortgages issued by the Federal Housing Administration or purchased by Fannie Mae (FNM) and Freddie Mac (FRE), freeing up more money for mortgages and refinancing loans.

4. Location, location, location: it's the weather! Who doesn't want the warm sunshine, sugar sand beaches, balmy breezes, and exquisite natural scenery for their dream vacation and retirement playground? And it can all be yours! Just visit our website and call one of our Realtors today! http://www.lakeplacidrealtors.org/offices.html