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How to Find a Lender

Today, lenders can be found through a variety of sources. However, no one wants to see you have a smoother and financially sound transaction than your REALTOR. When we refer a mortgage partner it is because we know their rates are good and their process is flawless.

Choosing the Right Lender

You want to make sure your chosen lender:

  • Has the ability to explain things clearly and return your phone calls in a reasonable time period
  • Is competitive with interest rates, costs & fees.
  • Has access to available loan programs that suit your credit profile and desired property

Choosing the Right Kind of Loan

Today there are so many types of loans on the market that it is beyond the scope of this page to list or explain them all. Your lender is the best person to help you select a loan program to suit your needs. Below is a summary of the three most popular loan types we see in practice; for more detailed information click the link at the end of this page.

  1. Fixed loan: The fixed rate loan assures your monthly payments will stay the same over the life of the loan, which is typically between 15 and 30 years. Fixed rate loans may be best if you intend to hold the property for a long period of time, say over 7 years.
  2. ARMs (adjustable rate mortgages): ARM’s may be suitable if you plan to sell or refinance your home within the next few years. The starting interest rate is typically lower than a fixed rate loan, saving you money initially. However, it is important to understand the index, the readjustment interval, the capitalization rate and downside risks of an ARM before making a final decision to use this type of loan.
  3. Intermediate ARMs: Also called Hybrid Loans, these loans can offer fixed interest rates for the first 3, 5, 7 or 10 years after which the interest rate adjusts with the market every 6 months or year thereafter.
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