As financing becomes more complex, many Decatur home buyers are mystified by the lending process. Atlanta Decatur Homes advises Buyers to find a good, professional lender who knows their stuff, someone who can anticipate any issues that may arise and walk you through them. We can also recommend our favorite lenders, who are professional and experienced.
Here are a few questions to ask your Lender:
- Lock-ins are important when rates are rising – ask how long the lock-in period runs and whether you can get a lower rate if rates drop during the period’
- Ask whether you will be required to pay Private Mortgage Insurance (and ask them to explain PMI to you)
- Ask whether there are any pre-payment penalties for paying the loan off early
- Ask if they will be servicing the loan or if it will be sold to another company
Decatur and Emory homes sell more quickly in the early Spring and Summer when Dogwood blossoms line the streets, and Azaleas trim almost every yard. It’s an uplifting time of year – a great time to buy a home!
Once you’ve found the perfect home in Decatur and have negotiated a good price, be aware that the house still has to Appraise for the market value of the property. Your lender will send an Appraiser to the home to inspect the house and neighborhood and make an estimate of value, based on the sales of comparable homes in the area. All lenders require an appraisal to determine how much they could recover by selling the house if you should default on the mortgage loan.
Atlanta Decatur Homes is a local real estate company, representing Buyers and Sellers in the Decatur, Emory and Atlanta neighborhoods for over 25 years. We also offer professional Property Management Services. Originally posted on Atlanta Decatur Homes Website on 5/22/2016.