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3 Rules to Remember When Shopping for a Mortgage

November 10, 2019 by LaShambra Ewing Leave a Comment

Since you’re in the market for a new home, you’re probably in the market for a new mortgage. Here are 3 critical shopping tips for anyone looking for a new loan.

  • Know the Terms
    All the terms of a loan matter. Unfortunately, shopping for a mortgage is not as simple as finding out how much a lender will let you borrow and at what interest rate. You’ll want to get a complete breakdown of what any offer your receive means to you on a monthly basis as well as how much money you’ll be spending over the life of the loan.
  • Not All Mortgages are the Same
    There are several mortgage types available to residential home buyers. Most people will shop for a traditional fixed rate mortgage, but other options are available including adjustable rate loans (ARMs), Federal Housing Administration loans (FHAs), and Veteran’s Administration (VA) loans. You’ll want to be sure to understand what kind of loan a lender is offering you.
  • Fees, Fees, Fees
    Most loans have fees associated with them in additional to the principal amount borrowed to buy the home. You can sometimes borrow the money need to cover these fees, but that will obviously increase the overall amount of debt you undertake. Some fees are paid up front, and others are not due until closing.

If you’d like to chat with me personally about how to shop for a mortgage and what other questions you can ask lenders to find the best deal, give me a call at any time. I’m happy to get you started on the right path so we can start looking for your new home!

Filed Under: Buying, Credit, Tip Tuesday

About LaShambra Ewing

I pride myself on upholding a higher standard of morals and ethics. I work with buyers and sellers throughout the various and diverse Houston Metropolitan residential neighborhoods, specializing in those of Fort Bend and Harris County. My comprehensive understanding of the city and all its distinct areas enables my clients to buy and sell quickly, confidently, and favorably.

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I’m a wife, mom, and fun-loving real estate agent who’s committed to making the buying and selling process as easy as possible for my clients. I use my extensive knowledge of the Houston Metroplex to help my clients buy and sell both quickly and confidently. You can count on me to find and close the best deal possible for you!

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LaShambra Ewing
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