Getting a great mortgage rate, especially when it comes to constructing your own house, can take some investment and time. Not only do you have to invest time but you need to understand what you are doing.
1. Before You Need It The best time to start preparing for a great mortgage is before you need it. There is a very good change that you will not rent your whole life and a pretty good chance you will not pay $400,000 cash. With the knowledge that you will eventually need it there are a number of steps that you need to take.
I was sitting at the kitchen table getting some work done and the kids were in the other room playing quietly when a loud knock rapped on the door. I got up and walked to the door expecting a neighbor's child asking to play with the 4 year old. Instead, when I opened the door, I was immediately overwhelmed by the smell of natural gas.
So although you can't always protect your family by keeping the heater working right, or remembering to blow out the candle every night, you can do at least one thing to ensure the safety of your family, you can maintain your fire alarm and sprinkler system.
3. Call Around You should be calling around and finding your loan before you have begun looking at houses. This gives you more time to negotiate with banks and reduce the pressure you may feel. Now that you are actively seeking a deal you need to 4-5 different lenders. Call these different lenders and act for different quotes. In order to get the most accurate quotes from lenders you need to give them the most accurate information.
"Ma'am, I think I've found the source of the smell. Your gas is leaking. I've called the fire department and I'm gonna have to ask you to get the children and leave the home immediately until they come find out what's wrong."
4. Compare Quotes Take all of the information that you have collected from the lenders and set them next to each other. The lenders should also have sent you a GFE (Good-Faith-Estimate) and a TIL (Truth in Lending). The TIL amortizes the costs of the loan over the life of the mortgage rate. It takes theses costs and adds them to the interest rates giving you your APR (Annual Percentage Rate).
On the third page of the GFE document there is space for you to compare your different loans and see what your different options include. Again you want to compare accurate information not commercials. Mortgage rates in commercials are showing rates that will only be offered by the ideal borrower.
Two fire trucks, three ambulances, a police truck, the original animal control officer's truck and the truck of another animal control officer (who was bored and in the area) were all parked in front of my house.
If there was one thing you did to fight fires at home, it should at least be the proper maintenance of your smoke alarms (and sprinkler systems if you have them).
6. Authorize and Sign After having looked at all of the details you are ready to make your decision. If the details have changed be ready to walk away unless they give you what you agreed upon. Authorize the pull on your credit. Let the bank write up the agreement and make sure to read it in depth.
If you are in need of a general contractor in Blackfoot, Idaho, give MBA Construction a call. We have the skills and expertise to make your project a reality.
1. Before You Need It The best time to start preparing for a great mortgage is before you need it. There is a very good change that you will not rent your whole life and a pretty good chance you will not pay $400,000 cash. With the knowledge that you will eventually need it there are a number of steps that you need to take.
I was sitting at the kitchen table getting some work done and the kids were in the other room playing quietly when a loud knock rapped on the door. I got up and walked to the door expecting a neighbor's child asking to play with the 4 year old. Instead, when I opened the door, I was immediately overwhelmed by the smell of natural gas.
So although you can't always protect your family by keeping the heater working right, or remembering to blow out the candle every night, you can do at least one thing to ensure the safety of your family, you can maintain your fire alarm and sprinkler system.
3. Call Around You should be calling around and finding your loan before you have begun looking at houses. This gives you more time to negotiate with banks and reduce the pressure you may feel. Now that you are actively seeking a deal you need to 4-5 different lenders. Call these different lenders and act for different quotes. In order to get the most accurate quotes from lenders you need to give them the most accurate information.
"Ma'am, I think I've found the source of the smell. Your gas is leaking. I've called the fire department and I'm gonna have to ask you to get the children and leave the home immediately until they come find out what's wrong."
4. Compare Quotes Take all of the information that you have collected from the lenders and set them next to each other. The lenders should also have sent you a GFE (Good-Faith-Estimate) and a TIL (Truth in Lending). The TIL amortizes the costs of the loan over the life of the mortgage rate. It takes theses costs and adds them to the interest rates giving you your APR (Annual Percentage Rate).
On the third page of the GFE document there is space for you to compare your different loans and see what your different options include. Again you want to compare accurate information not commercials. Mortgage rates in commercials are showing rates that will only be offered by the ideal borrower.
Two fire trucks, three ambulances, a police truck, the original animal control officer's truck and the truck of another animal control officer (who was bored and in the area) were all parked in front of my house.
If there was one thing you did to fight fires at home, it should at least be the proper maintenance of your smoke alarms (and sprinkler systems if you have them).
6. Authorize and Sign After having looked at all of the details you are ready to make your decision. If the details have changed be ready to walk away unless they give you what you agreed upon. Authorize the pull on your credit. Let the bank write up the agreement and make sure to read it in depth.
If you are in need of a general contractor in Blackfoot, Idaho, give MBA Construction a call. We have the skills and expertise to make your project a reality.
About the Author:
MBA Construction, a general contractor in Blackfoot Idaho provides all types of construction. We specialize in design-build, build-to-print and commercial construction in the energy, industrial & medical industries.
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