Home Loans, Refi, And Real Estate Discounts And Offers
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More About Home Loans And Refi
Home Loans and Refinancing Discounts
Your home is your most significant investment. Make a mistake in the financing, and you’ll be paying more than you should for decades to come. However, finding the best home loans can be confusing at best. Why are there so many different options? Which ones are right for you? Employee And Member Discounts has found a way to cut through the confusion.
The Basics about Home Loans
A mortgage is a loan that pays for a home purchase. Your monthly payment consists of principal and interest. Typical loan terms are for 30 days. Initially, you pay far more interest than principal.
Home loans companies offer a variety of products for the borrower. They usually fall into two categories.
- Fixed rate mortgage. This loan product is an attractive option when you like stability. Your payment never changes. You have a fixed interest rate that remains the same for the entirety of the loan.
- Adjustable rate mortgage. Also known as ARM, this product features low home loan quotes. Initially, the payment is cheap. However, eventually the interest rate adjusts following market indices. Therefore, your monthly payment could go up significantly.
Usually, home sellers look for potential buyers who are preapproved for their home loans. It means that you work with a mortgage lender who commits to underwriting your loan. It puts you in the position of a cash buyer, which makes your offer on a home more attractive than someone else’s who didn’t go through the preapproval process.
What Are Government Home Loans?
Home loan qualifications for mortgages through the Federal Housing Authority are favorable for borrowers. Down payment requirements are usually lower than mortgages that banks underwrite. Although some banks offer zero money down home loans, there are typically high credit score requirements. The government loan program offers more relaxed rules about credit scores.
Why Could Home Refinancing Save You Money?
Refi programs help borrowers who want to get out from under an unfavorable ARM. Maybe you noticed your interest rate inching up and your monthly payment eclipsing what fixed rate borrowers would pay. For this borrower, a switch to a fixed-rate mortgage is a better option.
Another reason for checking out home refinacning option is the opportunity to pay off a home faster. If you’re in an excellent financial situation, you might be able to decrease the term of your mortgage to ten or 15 years. These loans frequently have lower interest rates – but higher monthly payments – than traditional 30-year loans.
Are You a Good Candidate for Home Loan Assistance?
If you meet specific home loan qualifications, you may be able to benefit from a variety of loan assistance programs. These usually target first-time homebuyers. They often consist of grants. Sometimes, they target specific demographics.
For example, there are home loans companies that specialize in working with Native Americans or veterans. Cities, counties, and states may also offer first-time homebuyer grants. Because each of these programs might have different definitions of a first-time buyer, it pays to check the fine print.
How Can I Get a New Home Loan?
In the past, you’d ask several banks for home loan quotes. You’d be talking to various bankers. The same’s true for the many refi programs that are out there. Employee And Member Discounts has vetted a broad range of financial products for you. There are zero money down home loans, ARMs, and fixed-rate mortgages. Log on today to compare the best home loans.
More About Real Estate and Relocation Discounts
Real Estate and Relocation Discounts
When it comes time to purchase a new home, whether it is your first house, your company is requiring you to transfer to a new location or you have simply outgrown the one you currently live in, you will more than likely need to work with a real estate agent. With so many agents available, you want to be sure you choose one that will get you the best deal and who will work with you to find the house that is perfect for your needs.
Talk to a Lender First
Before calling a real estate sales agent, you need to know how much house you can afford. Experts recommend contacting a lender before you call an agent to be sure they only show you houses within your price range. Getting pre-approved for a mortgage also helps you identify any issues you may have early in the process. It also shows a discount real estate brokerage that you are a serious buyer. If you are buying in a competitive market, you may need a pre-approval letter before a buyer will consider an offer.
Talk to Family and Friends
Another great way to find a good agent is to talk to family and friends who can refer you to a discount real estate broker. Family and friends are only going to recommend a real estate sales agent that they know and trust. You’ll want an agent who has experience working with someone like you and your family. If you are a first-time home buyer, your needs will be different than someone needing discount employee relocation packages.
Understand the Types of Real Estate Brokers
There are many different types of discount real estate brokers. You want to choose an agent who lists themselves as a Realtor with a capital “R.” That means they are a member of the National Association of Realtors and have formally agreed to abide by that organization’s Code of Ethics. You may notice agents with additional designations after their name. A Certified Residential Specialist (CRS) is an agent who has completed additional training related to residential real estate. An Accredited Buyers Representative (ABR) has completed additional training related to the needs of buyers. A Seniors Real Estate Representative (SRES) has completed training related to the needs of those 50 or older.
Do Your Research
The first thing to do when choosing a discount real estate brokerage is to review their online presence. Look over their website as well as their social media accounts. Be sure to read online reviews and be wary of an agent who only has positive reviews. Talk to the real estate regulator in your state to confirm that the agent has a license or if there have been any disciplinary actions. You also want to check the Better Business Bureau to be sure the real estate agent has any complaints.
Talk to At Least Three Agents
When you are ready to make a decision, interview at least three different discount real estate agents. You will want to be sure they are familiar with the area where you plan to buy and who understands what your budget limitations may be. The more effort the agent puts into a presentation, the more effort they will put into finding you the right house at the right price. Explain to the agent what you expect and how you like to do things. If you prefer texting to phone calls, let the agent know that. If you can only visit homes after work and are not available weekends, they will need to know that as well. Always request references and check them.
Consider Flat Fee Real Estate Companies
If you will need to sell your home in order to buy a new one, you also need to choose discount real estate agents that will focus on your needs as a seller as well as a buyer. One option that is growing in popularity is the use of flat fee real estate companies. A flat fee real estate agent offers their services for a flat fee rather than a percentage of the sale. A flat fee real estate company may charge you as little as $99 or as much as $3,500, depending on what services they provide. Some offer a pay-per-day option where you only pay while your home is listed on MLS.
Read Your Contract Carefully
Once you have settled on a discount real estate broker, you want to review the contract carefully. The contract will spell out any terms, including the commission. If you go with a percentage fee, the average discount real estate brokerage fee is six percent, with half going to them and the other half going to the buyer’s agent. You also want to look at the length of the contract. It is recommended that you choose a contract that is six months or less when you sign with discount real estate companies. In a competitive market, it may take 30 days or less to sell your home. If your contract is longer than six months and your home is not selling or the agent has not found you the right house, you may want to switch to another agent but will be unable to do so until the contract expires. If you are also looking for discount employee relocation companies, you may be locked into a lengthy contract while you are living in another area of the country.
Finding discount real estate agents can be difficult unless you register for EmployeeandMemberDiscounts.com. You can find many discount real estate companies as well as discount employee relocation companies that will provide you with the service you need. These are discount employee relocation packages and discount real estate brokers who were only available to employees of certain industries or members of specific organizations. Now, they are available to anyone.
If you are in need of discount employee relocation packages, flat fee real estate agents or a discount real estate broker, contact EmployeeandMemberDiscounts.com today. We can also help you set up your own, customized discount program that your employees or members can actually use. Fill out the easy online form or give us a call today to learn more.