When you want to get the best deal on a home loan, the first thing you should do is to find a lender that has experience in the field. These lenders will be able to give you the most accurate information regarding your home loan, including down payment amount, loan term, payoff amount and other factors that will help you to get the best home loan. Atlanta Mortgage Lenders can help you in a lot of ways.
Payoff Amount
When you are planning to pay off a mortgage, you will want to get an official payoff amount. This will include the total amount that is owed, the interest that you have incurred, any penalties or fees, and more.
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Depending on the lender, you can request this quote online or by phone. Typically, you will be asked to provide information such as your name, your account number, your property address, and the reason you are requesting the quote.
Your Atlanta mortgage lender will give you an accurate payoff amount when you request it. The statement will also show you any fees that are owed, as well as your remaining payment schedule. You will be given a final date to make your final payment.
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Loan Term
When it comes to home loans, one of the most important decisions you will make is choosing a lender. Choosing the wrong one can put a big dent in your finances. Aside from your loan repayment options, you also need to be aware of the hidden costs and fees involved. The key is to shop around. For example, some Atlanta mortgage lenders will offer a discount for prepayment.
Choosing the right type of loan can be a daunting task. One of the first steps in the process is to compare mortgage rates. This is particularly true if you are in the market for a new home. By comparing rates you will be able to make an informed decision about your lending options. Likewise, you will also be armed with the information needed to negotiate a better deal.
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Down Payment
A down payment is the cash you give up to buy a house. You may get a gift or borrow money from family or friends, but the amount you spend is yours. Choosing the best way to save for your down payment can be a complicated process. If you need a little help, check out down payment assistance programs.
The down payment is usually in two parts: a one-time earnest money deposit and a subsequent down payment at closing. The larger your down payment, the smaller your mortgage payments. This is because the larger your down payment, the less risk you are putting on the lender.
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One of the best ways to get the down payment you need is to shop around. Some Atlanta mortgage lenders will be willing to accept a smaller down payment, but if you can’t afford it, you may end up paying more in the long run.
Loan-to-value (LTV) Ratio
Loan-to-value (LTV) ratio is a key measurement of the equity in a home. It’s used to determine how much a lender is willing to lend, and how risky that loan is. The higher the LTV, the higher the risk.
Most lenders target a LTV of 80% or less. A lower LTV is better for a borrower and better for the lender. However, there are special programs designed to help buyers get a home loan.
One of the more popular mortgage programs is the FHA loan. These loans are insured by the Federal Housing Administration and allow borrowers to make a 3.5% down payment. There are other mortgage programs available, including the VA loan and USDA loan, which don’t require a down payment.
Closing Disclosure
A Closing Disclosure is a document that shows the final details of your mortgage loan. It encapsulates all the terms and costs associated with your loan, and it is provided to you by your lender three business days before closing.
Closing disclosures are designed to help borrowers understand the risks and costs of taking out a loan. These five-page documents include information on how much you will be expected to pay monthly, the purchase price, and all other details.
Getting an accurate and comprehensive closing disclosure is important. This document will help you avoid unexpected surprises at the closing table.
Loan disclosures provide detailed descriptions of your loan, including how much you will owe over the life of the loan, what you will be paying in interest, and what the costs of paying into an escrow account will be. The closing disclosure also includes insurance premiums and other fees you will be required to pay.