Bank On It: Mortgages

4 Things You May Not Know (But Should)

by C&N Bank – March 15, 2018

If you’re in the market for a new house, you’ve probably been doing some research. There’s an abundance of information available to you and millions of places to find it. But I’ve found that some of the most common questions that I hear from my clients aren’t so easily answered with an online keyword search. That’s why I decided to share 4 of the best ones with you.

1. “Do I really need a preapproval?”
Preapprovals are essential. Your realtor and the sellers will all appreciate knowing that you’ve been pre-qualified. It helps your realtor search for properties that you can afford and gives sellers peace of mind that you’re a serious buyer and in a position make a purchase.
Getting a prequalification letter typically takes 1-3 days. With C&N, we can easily turn that around for you in 24 hours or less. All you need to provide is your income, credit history, assets, debt and down payment. Try to be as accurate as possible with this information because it affects the accuracy of your prequalification.

2. “How much is this going to cost?”
This simple question comes with a pretty complex answer. The most common mistake that people make when getting a mortgage or buying a home is focusing too much on shopping for the lowest interest rate. There are plenty of other costs that factor into the total price of your mortgage, such as closing costs, fees, rate options, turnaround time, among others. Did you know that there are over 400 different ways to configure a mortgage? Each of them could result in a different price tag for your mortgage. A good lender will be up front with you about all of their costs, but don’t be too shy to ask him/her lots of questions about their costs and at what point they’ll be assessed in the process. With such an important purchase and long-term commitment, you want to feel confident that you’re seeing the full picture and getting a mortgage structured to best suit you and your priorities.

3. “What’s up with this new thing and that flashy ad campaign?”
I appreciate technology as much as anyone. It’s brought such convenience to our daily lives and to the banking industry. But you know that you shouldn’t be swayed by everything you see on TV or online. Those new online services and mortgage apps may sound intriguing on the surface, promising everything faster, cheaper and easier. A local lender will work closely with you every step of the way so that you make knowledgeable decisions based on your future plans and goals rather than what might sound good right now.
At C&N, you get the best of both worlds. You have the option to conduct the process online if that’s your preference, but you’ll also get peace of mind knowing that there’s a real, local person working on your loan with you – and they know you!
I’m always transparent with my clients so they know exactly what to expect at every stage in the process and there are no unexpected surprises at the closing table. It’s important to me that my clients have confidence that I will provide reliable, unbiased guidance and connect them with the mortgage that’s right for them.

4. “Am I ready for this?”
We will certainly help you prepare and give you the confidence and knowledge to take this life-changing step, starting with a full understanding of where you stand financially. Review your credit reports, bank statements, outstanding debts and understand your credit score. If you don’t know what your credit profile looks like, check AnnualCreditReport.com for your free credit report. Also, C&N provides online resources, such as tools to help you calculate your mortgage payment or loan amount, create an estimated household budget, and determine whether you should rent or buy. We always welcome people to pick up the phone, stop in at one of our offices, or send us an email to request help with this step and guidance for preparing to buy a home. Some customers refer to us as their “coaches,” a term we take as a compliment from our friends in this stage of the process.

So what questions still remain for you? I hope I’ll get the opportunity to answer them for you. Because in the end, a confident and well-prepared buyer is much more likely to become a very happy new homeowner.

Credits:
Idea/Concept: C&N Bank
Videography: Andrew Moore
Video Editing: Andrew Moore
Writing: C&N Bank
Anchor: Lauren Gooch
Correspondent: Rhonda Pearson

Produced by Vogt Media
Funded by Citizens & Northern Bank

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