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 Eastern Panhandle WV Real Estate Blog 
Tuesday, 26 May 2015

When compared with past years, mortgage rates are currently hovering around historic lows in the three percent range. However, one of the biggest mistakes a homebuyer in West Virginia's Eastern Panhandle can make this year is failing to shop around for a mortgage. Gathering multiple quotes from lenders on the same day is the key to securing the best deal on your new West Virginia home, in addition to the following steps:

Know what you can afford
Using a mortgage calculator should be one of the first steps you take when deciding to buy a new home. Input all of your expenses and arrive at a number you are comfortable paying each month for housing— being careful to include property taxes, insurance, monthly maintenance and utilities. It's also important to have an emergency fund and plan ahead to ensure that you will be able to afford your mortgage payments for several years.

Compare loans from lenders and brokers
The Kable Team is your expert real estate team in Jefferson and Berkeley County and we're happy to recommend local lenders to assist you in this area. In fact, it's crucial that you visit with several lenders to find the best rate and loan terms before deciding on one for your home. Remember that it is not the job of the lenders or the brokers to find the best loan for you, you have to do the shopping to find the winner. 

Research loan prices and fees
A common mistake of homebuyers in West Virginia's Eastern Panhandle is accepting the first loan they are offered without realizing they could do better. Lenders can offer different rates and fees for the same loan to different buyers, so gathering multiple quotes is a must. It is wise to compile rates and fees from several lenders on the same day and then determine which is best for you. 

Know that all mortgages are different
There are many different types of mortgage loans for homebuyers in Martinsburg, Harpers Ferry, Shepherdstown, Hedgesville, Ranson, Falling Waters and Charles Town. They have different features— for instance, fixed interest rates, adjustable rates and payment adjustments. Make sure you consider all of these in your decision and always ask your lender to determine your monthly mortgage payment one year and five years from now if you're considering an adjustable rate. The last thing you want is to be surprised after you've closed on the home. 

Shopping around for a mortgage can save you thousands of dollars over the life of the loan, so make it a priority, Eastern Panhandle homebuyers! As always, asking for help or recommendations can save you time and energy in this area and put you at ease working with a trusted professional. Kable Team Realty is here to help! Do not hestiate to contact us with questions about the mortgage process or buying a home in Jefferson or Berkeley County this year. 

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Posted by: Tracy Kable AT 11:35 am   |  Permalink   |  Email


KABLE Team Realty

Tracy Kable, Broker
873 E Washington St, Suite 200
Charles Town, WV 25414-1520
Phone: (304) 725-1918
Email: TheKableTeam@TheKableTeam.com

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