Navigating the Mortgage Process: A Guide from Lake Elsinore's Trusted Real Estate Agents

LAKE ELSINORE, Calif. - Feb. 10, 2023 - PRLog -- Raj & Josephine Sharma, the trusted Lake Elsinore, CA real estate agents at Legacy Homes Realty, would like to share some tips for securing a mortgage. Mortgages are available from a variety of sources, including banks, credit unions, savings and loans, private mortgage companies, and the government. It's important to take your time and research different lenders to compare rates and terms. Getting referrals from real estate agents, friends, family, and neighbors can help you find a trusted lender. Additionally, working with local Lake Elsinore real estate agents, like Raj & Josephine Sharma, can also provide you with recommended lenders.

Before selecting a lender, be sure to compare the annual percentage rate (APR), which includes interest rates and associated fees such as prepaid interest, PMI, closing costs, mortgage points, and other charges. You may also want to consider working with a mortgage broker who can help you find a loan that fits your specific circumstances, such as credit scores and financial situation.

When you meet with lenders, it's important to get clear on the exact amount of money you have for a down payment and ask about current interest rates, whether the rate is fixed or adjustable, and the loan's APR. Points are fees paid directly to the lender at closing in exchange for a lower interest rate and should also be considered when comparing loan offerings.

It's important to pay close attention to the fees associated with the loan process, which include the appraiser, notary public, real estate agents, and the lender, as well as Uncle Sam. The federal government introduced the "Know before you owe" tool, which requires lenders to provide a Loan Estimate and a Closing Disclosure, to help borrowers compare loan products. The Loan Estimate gives an estimate of the loan's facts and figures, while the Closing Disclosure sets the figures in stone unless disputed. It's important to review these forms carefully and ask your lender any questions you may have before closing on the loan.

Raj & Josephine Sharma are here to help with any questions you may have about the home buying process and can connect you with trusted local lenders in Lake Elsinore, CA.
Visit: https://legacyhomesrealty.com/