Lynette Calfani-Cox
speaker
47 appearances
2 recordings
1 series
first heard Apr 2023
last heard Apr 2024
Lynette Calfani-Cox’s voice in public audio — every appearance, attributed to the second.
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Appearances
There are, frankly, a lot of different products that people can get when it comes to a home loan.
So, you know, gone are the days when it was just about, you know, a plain vanilla 30 year fixed rate mortgage.
Certainly there are mortgages that are 15 years in terms.
There are some mortgages that will let you pick your term seven years, 12 years, 18, 22 years, whatever it is, that kind of thing.
And then, of course, there are all different flavors of adjustable rate mortgages or arms.
So the question about what is the right or the best loan product is often tied to the person's unique circumstances in terms of how long they plan to live in the house, in terms of their future or anticipated finances.
You want to get your credit in tip-top shape.
One of the key barometers that lenders will be looking at, one of the key factors is how good is your credit?
Your FICO score or your Vantage score is going to range from 300 to 850 points.
Anything from 760 to 850 puts you in that ideal, perfect credit scoring range.
So you do want to make sure your credit is in excellent shape.
One of the biggest mistakes that people make in selecting a mortgage is just going by the interest rate alone and just thinking that from a cost standpoint, it's all about the interest rate.
Really, it's the cost of credit over time that you should be looking at, as well as all of the factors that go into selecting
making a home either a more costly proposition for you or perhaps a less costly proposition.
So for instance, not only should you be looking at the interest rate, you should be looking at the closing costs
Federal law actually gives you the right to see all of the fees that you're going to be charged and what's going to be at the closing table 48 hours in advance.
So you can certainly ask your lender for that statement to give you time to review in advance.
So you're not under pressure right there at the closing table and feeling that you have to sign just to get the deal closed on time.
There are a laundry list of fees that people should be prepared to pay.
You might have points to pay on a loan and a point is simply 1% of the loan amount.
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