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Equity Now In The News - 2017


The Lenders Network

First-Time Home Buyer Tips and Advice from Top Mortgage & Real Estate Experts

9. Know the Lender You’re Working with, what Fees are Involved Michael Moskowitz, President, Equity Now.

“A first-time home buyer should ask when will the lender send you a loan estimate showing all costs and expenses?

And, does the lender really make the lending decision or are you working with a broker who must go to a lender to underwrite your loan? Moskowitz also believes it’s vital to ask your lender about any upfront fees, such as a lender fee, an appraisal fee, or prepaid interest, to apply for the loan and are they refundable?

Also, ask if there are overlay costs to the agency (GSE/GNMA) guidelines which make it more difficult to get the loan approved. The first question Moskowitz suggested is how long you will remain in the property. If it is a dozen years or so, it makes sense to get a 30-year fixed-rate loan. But if it is only five years, consider getting an adjustable-rate mortgage (ARM) for the big savings on your mortgage payments.”

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