Five Things Potential Home Buyers Don’t Know | Buying a Home In Ventura CA

by Gary and Lisa Schoeffler on May 19, 2011

in Latest News

Zillow Mortgage Marketplace‘s most recent survey indicates that there are many aspects of the home buying process that continue to elude prospective home buyers. Here are some of the more surprising results of the findings, along with five things home buyers don’t know, but should:

Mortgage rates vary daily

A whopping 55 percent of prospective home buyers don’t realize that mortgage rates, which are determined by a slew of factors, can – and do – change daily (and sometimes more than once a day if certain economic reports are released.) To get the best rates, you have to monitor them (watch the movement of the 10-year Treasury bond; that’s your best indicator.) and shop around. After all, a change in a rate of a mere .125% to .25% could mean thousands of dollars in savings each year.

Lender fees are negotiable

When you apply for a mortgage, the bottom line is that you’re going to have to pay lender fees. And these fees — from origination fees to credit report fees to appraisal fees and more — can add up quickly. But the good news — and what 34 percent of prospective home buyers don’t know — is that fees not only vary from one lender to the next, but that they’re negotiable. All the more reason to shop around for different mortgage rates from various lenders.

FHA loans are available to all buyers

More than two in five (42%) prospective home buyers think that only first-time buyers qualify for an FHA loan, a mortgage insured by the Federal House Administration. That’s not the case. In fact, these loans are available to all buyers who meet eligibility requirements. Among the key benefits: minimal down payments, relaxed credit score requirements, low costs, and attractive interest rates.

There are so many aspects to buying a home, and finding the right loan is at the top of the to-do list. We recommend you work with a knowledgeable lender and take the time to educate yourself as much as possible. This article has some great pointers.

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

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