Heidi Snyder ME Realty
1124 Narrow Lane, Lexington, Kentucky 40517
859-272-1304 Office
859-509-0439 Mobile
859-368-7805 Fax Email
Mortgage Rates
One of the most important aspects of buying a home, is selecting a home that you can afford. Lenders look at a number of areas when considering you for a loan. Your income, amount of debt, and credit history are among the most important.
There are many different types of loans being written today although far fewer than may have been available prior to the recent financial meltdown. One of the most comprehensive mortgage websites I have found is Mortgage Professor.com where you will find much useful information important in buying a home. Also, Lexington Mortgage Guide is another site with Kentucky specific data for a variety of loans from different local lenders.
The appraised value of the home you are interested in buying and the amount of down payment you will be able to make, also play a significant role in the amount of money you will be able to borrow.
Several important new consumer friendly Federal Reserve regulations become effective July 30, 2009, all positive for borrowers.
1. Lenders will be required to deliver a copy of the real estate appraisal to you, the borrower, three business days before the scheduled close of your loan. With appraisals sometimes a sticking point these days, this will give us time to resolve any differences.
2. Lenders will be required to provide you with initial disclosures of your estimated mortgage costs within three business days of your loan application. And more importantly, lenders will not be allowed to collect any fees....except a reasonable charge for checking your credit....until you've been given the loan cost disclosures and an annual percentage rate (APR) calculation of the loan costs.
3. The rules also prohibit "quickie" closings on loans by requiring a seven day waiting period from receipt of the disclosures, effectively providing you, the home buyer, with a week to make sure the home purchase makes sense to you.
The purpose of the new rules is to provide home buyers with more time to evaluate the important aspects of the home buying transaction and to provide better information on which to base that decision.
Finding a competent lender is a good first step in understanding the various mortgage loans you may qualify for and the amount for which you are eligible. I have several Companies that I work with and will be happy to steer you in the right direction if you would like some options.
If you would like my thoughts on the current mortgage market or the names of a lender or two that you may want to consider, please call me today, (859) 509-0439, or if you prefer, Send Me an Email.
