Q & A: Whom to Contact (Home Loan Options)

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  1. How do I select a loan provider?
  2. Where can I get a list of mortgage brokers?
  3. Where can I get more information on leases with the option to purchase?
  4. Where can I learn more about PMI?

How do I select a loan provider?

Shopping for a loan can be an overwhelming process. There are many online services that compare local loan rates, but it is important to remember that these services are just quotes and there are other factors that will impact your final loan rate. Shop around and talk with a few lenders, get good faith estimates, and ask each lender what type of communication and support they provide. Remember, this will most likely be the largest purchase of your life and therefore you will want to select a reputable lender who will answer your questions and stand by you during the loan process.

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Where can I get a list of mortgage brokers?

The National Association of Mortgage Brokers, www.namb.org, provides data and contact information on mortgage brokers.

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Where can I get more information on leases with the option to purchase?

Your real estate agent is often the best person to speak with for more information on lease option homes. Generally, a lease with an option to purchase allows buyers to lease a home with the option to purchase the home at a later date. But, the lease/purchase terms can be different for each listing, and therefore it is important to speak with a real estate professional prior to leasing a lease-option home.

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Where can I learn more about PMI?

PMI, which stands for Private Mortgage Insurance, is generally required when a down payment of less than 20% of purchase price is put down on a home. Rates vary by lender, but generally PMI is percentage of the loan amount (around .50%). Before committing to a lender, ask them about their PMI rates and stipulations.

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