Keller Williams South Bay
Stephanie Arbolida, Keller Williams South BayPhone: (310) 892-5940
Email: [email protected]

3 Questions to Consider About a Home Loan

by Stephanie Arbolida 08/23/2019

Obtaining a home loan is a must for most homebuyers. However, there is a lot to think about to ensure a homebuyer can secure a loan that matches or exceeds his or her expectations.

Some of the key questions to consider about a home loan include:

1. What is a home loan's interest rate?

It is paramount to understand a home loan's interest rate, along with any associated loan fees. That way, a homebuyer will know exactly how much he or she will be paying over the life of a home loan.

If a homebuyer chooses a fixed-rate mortgage, he or she can lock in an interest rate for the duration of a home loan. This means a homebuyer will pay the same amount each month. And in many instances, a fixed-rate mortgage can be paid off early without penalty.

On the other hand, a homebuyer may prefer an adjustable-rate mortgage. With this type of mortgage, a homebuyer may receive a lower interest rate initially that rises after a set period of time.

Compare and contrast the different home loan options and their associated interest rates. By doing so, a homebuyer can make an informed home loan decision, one that serves him or her well both now and in the future.

2. Does a home loan require a minimum down payment?

Ask a lender about whether there is a minimum down payment required as part of a home loan agreement. Typically, a homebuyer will need to pay at least a small portion of a home's price to secure a home loan, and it certainly helps to have this information available before you start evaluating available residences.

In addition, it may be worthwhile to save as much money as possible prior to starting a home search. With money at your disposal, you may be better equipped than ever before to make a large down payment, thereby reducing the amount that you'll need for a home loan. Plus, you may even be able to boost your chances of getting a favorable home loan interest rate.

3. Will I need to provide legal documents to obtain a home loan?

Lenders will require you to provide proof of your income and assets, W-2 statements and other legal documents to finalize a home loan agreement. If you stay organized and have these documents readily available, you should have no trouble providing them to a lender as needed.

Overall, the home loan application process may vary from several weeks to many months. The time it takes to secure a home loan can be stressful, and if you need extra help along the way, it never hurts to reach out to a real estate agent.

With a real estate agent at your side, you can streamline the process of buying your dream home. This housing market professional can offer expert tips throughout the homebuying journey and ensure you can discover a great house at an affordable price.

Take the guesswork out of securing a home loan – consider the aforementioned questions, and you can move one step closer to getting the financing you need to obtain your ideal residence.

About the Author
Author

Stephanie Arbolida

 You might be surprised to learn that I’m a third-generation Real Estate professional. I was introduced to Real Estate as young girl as my father, grandmother, stepmom and brother all worked in the Real Estate Industry. All doing something different which made me so versatile in my sales position. Although, I didn't plan on selling Real Estate it wasn’t until I wanted to start a family, that I then realized I should become a Realtor. You can say I've been selling Real Estate almost all my life, if you include all the years, I helped my family. Selling Real Estate truly became a passion of mine in 2015 when I had my first child. I got licensed right before my husband and I found out we were expecting, timing couldn’t have worked out any better for us. Although, I had my license I didn’t sell much for the first couple years. I did enjoy helping friends and family buy and sell Real Estate. In 2018 I decided to sell Real Estate full time. My business changed that year with the help of my family, friends and clients I was able to build a bigger business than I expected. Not only did I create a more amazing business for myself, I expanded and built my team, The Arbolida Group. I was also asked to join some amazing leadership communities and named in the top 20% of Realtors within the Keller Williams South Bay Office. My Keller Williams Office asked me to join The Agent Leadership Council. The ALC allows me to stand out and help build and grow leaders within our office and community. I was also asked to be the Program Director for The Women's Council of Realtors South Bay Network. I am grateful that I have been given a tremendous amount of trust from my family, friends, clients and company. With all the trust I have become the agent that I am. It allows me to build strong and lasting connections with the community and all my clients. I strive to be the best mom, wife, Real Estate professional, leader and role model. I am always learning and ready to go above for my family, friends, co-workers and even more so for my clients. My clients almost always end up becoming amazing close friends and I wouldn’t have it any other way. I love my job and I love nothing more than matching clients with their dream home and completing their dream of becoming a home owner.