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Buyer’s Agent vs. Listing Agent

There are usually two agents involved when you buy a home. The Buyer Agent represents you, and the Listing Agent represents the home seller.  Dual agency is when there is only one agent representing both sides of the transaction, some you want to avoid.

Fixed Rate vs. Adjustable Rate Mortgages

A fixed rate mortgage has a predetermined interest rate throughout the life of the loan (30 years); an adjustable rate mortgage has a variable interest rate (5,7, or 10 years). Adjustable rate mortgages can make more sense if you’re planning to sell or refinance your home before the introductory period ends. Make sure to shop around.

Pre-approval Letter

Before beginning your home looking process, it helps to get a pre-approval letter from the bank, this is an estimate of how much they’ll lend you. This will help you determine what you can afford, and ensures the home sellers that you will be able to a loan when needed. When you arrive at the bank to get the letter, make sure to ask them about closing costs, what fees are involved, what you’re getting, and if they lock your loan in at a specific rate. House hunting can be a competitive process so it can help to get a local lender, they care about their reputation.