Buying Highlands NC Real Estate, Selecting Right Loan
Meadows Mountain Realty, Highlands real estate experts
Selecting the right loan is a big part of buying Highlands NC real estate. Different loans offer different terms, including length of time and costs. Choosing what will work best for your finances is important. Start with finding a lender and follow up with getting all of the information you need. Your Highlands NC REALTOR will be a great resource for the recommendation of lenders who understand the local market.
Mortgage basics
Not all loans are the same and understanding them will be helpful when it comes time to make a decision. There are different lengths of loans, different interest rates, and different fees. Understanding each type of loan, what each offers, and which might work best for you is important. Arm yourself with information to make your decision.
Advertised rates are not always the rates
There is no doubt that low rates are advertised all around you. However, these are not always the rates you will secure. Qualifying for the lowest rate requires an excellent credit score and a solid financial history. The lowest rates will probably come with an adjustable-rate mortgage. However, this type of loan will have a rate that ratchets up over time. Fixed-rate loans will have a rate that stays the same. A shorter terms fixed-rate loan will typically have a lower rate than a longer-term but the loan will involve a higher monthly payment because you are consolidating into half the time to pay it off. There are also loans that come with a balloon payment which will have a large sum due at a certain date.
Find the right lender
Learn about lenders from friends, family members, and Highlands NC real estate professionals. Choosing someone familiar with the local market is helpful. You also want to work with someone who will shop around for the best rate and best terms. Buying a Highlands NC property represents making a big investment and financing this investment is a big part of the deal.
Learn more about buying Highlands NC real estate
Contact our team at Berkshire Hathaway HomeServices Meadows Mountain Realty today to learn more about buying a home in Highlands NC. We welcome the opportunity to update you on the market while helping you throughout the buying process. Let our knowledge and experience serve as your guide to buying Highlands NC real estate.