1-407-575-5392
Menu

Finance Roadmap - Selection

NEXT
PREV

Finance Roadmap

Selection

2.1 Choose a Mortgage Company. Securing finances requires a decision that you may have to live with for many years-so spend time comparing the terms and conditions of different lenders, before making your choice. There are a number of ways to find a willing lender, whether through traditional print ads, Realtor referrals or Internet sources. There are also several considerations to keep in mind when shopping for the right lender and program:

  • Price: Consider the competitiveness of a lender's terms with that of others, especially for mortgage rates, interest rates, and additional closing costs and points.
  • Diversity of products: Price is important but by no means should it be your only determining factor. How extensive is the lender's range of offered loan programs? Check the availability of the loan program most appropriate to your credit profile and property.
  • Rapport: Do your lenders and brokers communicate effectively and thoroughly? Are they attentive and prompt? You aren't looking for just a guide but a partner -someone you can work with and trust every step of the way.
  • Connections: Check whether the lender has access to local loan approval committees that understand your goals as a borrower.

2.2 Choose a Loan. Though there are many different kinds of loans available today, these three are the most commonly used:

  • Fixed loan: This long-term option requires monthly payments that will remain the same (fixed) throughout the duration of the loan. The loan term may vary from fifteen to thirty years.
  • Adjustable rate mortgage (ARM): The loan rate here will be determined by factors such as the Federal Funds rate index, readjustment intervals, and capitalization rate. The initial interest rate can be as much as 2 to 3 percent lower than a comparable fixed rate mortgage. This can make homeownership more affordable. However you should first examine all factors and consider the downside risks before selecting this option.
  • Hybrid loan: Also known as an intermediate or convertable ARM, it offers a fixed interest rate for a specified initial period before it 'switches' to an ARM and adjusts with the market every six months or every year thereafter.

Consult with your lender to determine which loan type and program would best correspond with your resources and needs.




All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: My Florida Regional MLS (updated 2/23/18)

Listing Search



Translate Tool

Featured Listings
Mount Dora Real Estate
$850,000
4 BED
4 BATH
Harris Chain of Lakes Private Custom Pool Home on Lake Carlton! Over an acre with NO HOA or Restrictions. Offering 159 f... Read More
Windermere Real Estate
$2,150,000
3 BED
3.5 BATH
We proudly present this ONE-OF-A-KIND custom-built home by Wyatt Anderson, a primo local builder. The gourmet cook had ... Read More
Clermont Real Estate
$649,000
4 BED
3 BATH
Breathing taking views welcome you to this updated exquisite custom home directly on the Chain of Lakes in the premier g... Read More
Windermere Real Estate
$439,000
2 BED
1 BATH
A log cabin dream minutes from Disney and a Windermere address. See Disney fireworks anytime you are ready. This is a ... Read More
Windermere Real Estate
$3,875,000
5 BED
5.5 BATH
Nestled along the shores of beautiful Lake Louise with direct access to the Butler Chain of Lakes, this elegant Islewor... Read More
Contact Wendy Morris

407-575-5392

Wendy Morris LLC
DBA Wendy Morris Realty
Licensed in the State of Florida
BK 3146762
14832 Speer Lake Drive
Winter Garden, FL 34787

Your privacy is our utmost concern. We will never sell your personal information. Privacy Policy
©2011 -2018 windermerehomes.net - all rights reserved. | Site Map