If you’re buying a home for sale in Vero Beach, you’ll most likely need a mortgage loan – and that means working with a lender.
Do you know which questions are the most important to ask if you’re borrowing to buy a home?
3 Things to Ask Your Mortgage Lender
When you shop around for a mortgage – something you should definitely do, no matter how small or large the amount you want to borrow – you’ll want to ask these three questions:
- What kinds of home loans are available?
- What are your closing costs?
- How long will it take to get a mortgage?
#1. What kinds of home loans are available?
You may already have an idea on what type of home loan will be right for you, such as if you’re eligible for a VA loan or you know that you want an adjustable-rate mortgage. But if you don’t, it’s a good idea to work with a lender that offers lots of options – it means that lender is more flexible and will be able to get you into a mortgage that actually works for you, not just for the bank.
#2. What are your closing costs?
Closing costs can sometimes be paid by a home-seller, which means buyers are kind-of off the hook – but when that happens, it can be reflected in a home’s purchase price. Typically, closing costs are between 3 and 4 percent of a home’s final sales price, which means if you’re buying a $250,000 home, you’re looking at closing costs ranging between $7,500 and $10,000.
#3. How long will it take to get a mortgage?
You need to know how long it usually takes each lender to do the whole enchilada. The national average is 50 days, but sometimes lenders can turn around mortgages really quickly (as in 30 days or less) – and that can be tremendously helpful if you’re buying in a hot market.
Are You Buying or Selling a Home in Vero Beach, FL?
Use our site to search homes for sale in Vero Beach from Sebastian and Fellsmere to South Beach and the surrounding communities. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated faster. By creating a property manager account, you can stay on top of the newest homes for sale and get price change alerts so you can stay ahead of other buyers and beat them to the best deals!
In the meantime, check out these 1-click searches: