GETTING A KENAI PENINSULA REAL ESTATE MORTGAGE IN TODAY’S SHIFTING ENVIRONMENT

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Homer Simpson smacks himself in the forehead every time he says it: D’Oh!!!

When it comes to knowing how mortgage basics have shifted in today’s changing banking environment, few of Kenai’s homebuyers have kept current enough to avoid meriting that kind of forehead slap. It’s no wonder. The average family delves into the real estate market no more than once every five to seven years, so they don’t worry about getting a mortgage day in and day out. It’s my job as agent to bring clients up to speed throughout the buying process, which often begins and ends with getting a mortgage in the Kenai Peninsula Real Estate.

Among the most common current misconceptions:

If you are among those believing that all lenders are legally required to charge the same fees for credit reports and appraisals…D’Oh! In order to create more competitive lending quotes, some banks waive all charges for these services. And other lenders may charge higher fees for the same services – all of which is why it’s so important to speak with multiple lenders.

When a couple is getting a mortgage jointly,do you (like so many) believe the primary borrower with the highest score will be considered the main applicant? D’Oh! Lenders usually take the middle score of each spouses’ three scores, and use the lower of the two in determining the offered interest rate. The lesser creditworthy spouse has the greatest effect on the monthly payment.

The real estate slump from a few years back has many believing that getting a mortgage in Kenai (or anywhere else) will require at least a 20% down payment. Sound like you? If so (you guessed it): D’Oh! With as little as 3.5% down, buyers can often qualify for a mortgage through the FHA, available to everyone meeting the minimum lending requirements. Other loan programs are offered through other agencies like the Department of Veterans Affairs (VA) and the Department of Agriculture (USDA).

Thinking getting a mortgage in Kenai anytime soon? Getting approved is Step One in the buying process — if you’re ready to get going, make the next call to me today!

Real Estate Websites by Cherie Young