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Hector Zapata PA, ONE Sotheby's Int'l RealtyPhone: (754) 244-2687
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Questions to Consider About a Home Loan

by Hector Zapata PA 08/21/2019

Obtaining a home loan is a must for most homebuyers. However, there is a lot to think about to ensure a homebuyer can secure a loan that matches or exceeds his or her expectations.

Some of the key questions to consider about a home loan include:

1. What is a home loan's interest rate?

It is paramount to understand a home loan's interest rate, along with any associated loan fees. That way, a homebuyer will know exactly how much he or she will be paying over the life of a home loan.

If a homebuyer chooses a fixed-rate mortgage, he or she can lock in an interest rate for the duration of a home loan. This means a homebuyer will pay the same amount each month. And in many instances, a fixed-rate mortgage can be paid off early without penalty.

On the other hand, a homebuyer may prefer an adjustable-rate mortgage. With this type of mortgage, a homebuyer may receive a lower interest rate initially that rises after a set period of time.

Compare and contrast the different home loan options and their associated interest rates. By doing so, a homebuyer can make an informed home loan decision, one that serves him or her well both now and in the future.

2. Does a home loan require a minimum down payment?

Ask a lender about whether there is a minimum down payment required as part of a home loan agreement. Typically, a homebuyer will need to pay at least a small portion of a home's price to secure a home loan, and it certainly helps to have this information available before you start evaluating available residences.

In addition, it may be worthwhile to save as much money as possible prior to starting a home search. With money at your disposal, you may be better equipped than ever before to make a large down payment, thereby reducing the amount that you'll need for a home loan. Plus, you may even be able to boost your chances of getting a favorable home loan interest rate.

3. Will I need to provide legal documents to obtain a home loan?

Lenders will require you to provide proof of your income and assets, W-2 statements and other legal documents to finalize a home loan agreement. If you stay organized and have these documents readily available, you should have no trouble providing them to a lender as needed.

Overall, the home loan application process may vary from several weeks to many months. The time it takes to secure a home loan can be stressful, and if you need extra help along the way, it never hurts to reach out to a real estate agent.

With a real estate agent at your side, you can streamline the process of buying your dream home. This housing market professional can offer expert tips throughout the homebuying journey and ensure you can discover a great house at an affordable price.

Take the guesswork out of securing a home loan – consider the aforementioned questions, and you can move one step closer to getting the financing you need to obtain your ideal residence.

About the Author
Author

Hector Zapata PA

Hector was born in Colombia, and has called South Florida home for more than 18 years. He is an Industrial Engineer by trade specialized in Cost Control, Production Planning, and Plant Design. Prior to moving to South Florida, Hector worked for 13 years as a Plant and General Manager in the Graphics and Publishing Industries in Bogota, Colombia. When Hector moved to the United States in 2001, he decided to become a PGA Golf Pro, and created his own business in the Golf Industry as a competitive player, and teaching pro. He was the founder and director of Bonaventure Golf Academy. In his nearly 15 years of experience as a Golf professional and Instructor in South Florida, he has been asked by many customers looking to purchase a home on a golf course his opinion about the best Golf Communities in South Florida. He became a full time realtor in order to better serve his customers, and help them as well as all golf enthusiasts find the home of their dreams. Hector is highly recognized for his personalized service, ethics and professionalism in the Golf industry, and his goal is to provide extraordinary service to his Real Estate customers and friends too! Hector is specializing in Golf communities and Luxury properties in South Florida.

Why Choose Me As Your Agent? When you work with me, you will receive a knowledgeable and professional real estate agent, a committed ally to negotiate on your behalf, the systems in place to streamline buying your home and the backing of a trusted company. Why work with A ONE Sotheby's Agent? Looking to sell your home? As a real estate associate of ONE Sotheby's International Realty, you will now have access to over 22,000 associates and presence in more than 70 countries across the world to help you sell your property. With our technology, we are leading the way in how homes are sold and purchased through online marketing. Through our ONE Site, your listing will display on top name sites like Zillow, Trulia and Realtor.com to get you the most brand exposure to your home. Looking to purchase a home? With our ONE Sotheby's Technology and advanced websites, searching for properties that are active on the mls is a breeze. Now you can search 24/7, save properties to your profile to view later and schedule showings with me so you can see these properties in person. My job is to make the real estate buying process that much simpler and as a real estate associate of ONE Sotheby's International Realty, we are doing just that. Our company prides ourselves in staying on the cutting edge of technology and if you select me as your real estate agent, you will receive all of this and more. You could never find a more dedicated, energetic, or focused agent to represent you. Please give me a call for a no-obligation assessment of your real estate needs!