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Searching the MLS (multiple listing service) databases for homes in your area |
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FinancingDoes financing vary from lender to lender? You bet it does. While it is true that most of the interest rates will be fairly competitive, closing costs can vary significantly. A good Realtor knows which lenders in his or her area has good service coupled with good rates. You may find a lender with a rock bottom rate, but if the service is subpar, it is likely that the closing could be delayed due to a mixup on their part, costing you more money than you saved in the first place. You'll also find that while qualifying for standard government loans is pretty much the same, different lenders have additional programs from investors. So, while one lender may not be able to qualify you for conventional or FHA financing, another lender may be able to find some financing for you elsewhere. Banks will sometimes lend money with a balloon payment due after five to seven years. Other lenders will grant credit to borrowers with less than stellar credit, though at higher interest rates. In many markets, loans can be closed for just under 2% of loan amount. The advent of online mortgage companies is applying additional downward pressure on the cost of getting loans. Perhaps the worst place to look for a mortgage loan is your local bank. In many markets they are charging upwards of 3 to 3.3% of loan amount. They may be more competitive in your market, but you'll have to shop around to know. Closing costs are negotiable...your Realtor can help you here, too. Make sure your agent knows which lenders have the best rates and the best service. You don't want your closing delayed or cancelled due to an incompetent loan agent who can't get you (or your buyer) qualified "after all." In most cases a professional agent will be able to save you additional money simply by helping you locate the best financing in the city, in terms of rates, closing costs and service reliability.
Searching Real Estate MLS and Multiple Listing Databases | FSBO (For Sale By Owner) | Real Estate Representation | Residential Home Inspections | Real Estate Mortgages | Standard Real Estate Contracts | Finding a Real Estate Agent | Real Estate Commissions & Fees AL | AL | AZ | AR | CA | CO | CT | DE | D.C. | FL | GA | HI | ID | IL | IN | IA| KN | KY | |LA | |ME | MD | MA | MI | MN | MI | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY Other online resources for commercial, corporate and residential real estate info (C) 1999, 2000, 2001, 2002. 2003 , 2004 RealtySeek
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