The Palm Beach Post from West Palm Beach, Florida on March 29, 1998 · Page 339
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The Palm Beach Post from West Palm Beach, Florida · Page 339

West Palm Beach, Florida
Issue Date:
Sunday, March 29, 1998
Page 339
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Page 339 article text (OCR)

Choose right lender when mortgage shopping Good lenders will lead you to the deal that's best for you. Bad lenders will work equally hard to sell the deals that are juiciest for themselves. energetically to help you obtain the best loan and the best deal. If you have confidence in your Realtor, your search should begin when you ask for recommendations of lenders he or she trusts, and to describe each of those. Make sure the Realtor has had recent personal experience with both the firm and the loan officer. Go see three of them, just to get to know them. Remember that they are essentially sales people who will be eager to visit with a potential client. Ask each for a list of references, and call each one. One negative comment may help you avoid a considerable amount of pain. Tell the loan officers what your loan requirements are, and give them a true picture of your financial situation, with no exaggerations or misrepresentations. Ask each of the three to suggest the loan or loans that would best suit your needs, and make sure each gives you a variety of loan options to consider. Be careful not to let them pigeonhole you in whatever kind of loan they are selling this month; you want the one that is best for you and you want it tuned to your financial condition, your long-range plans and your needs. Kathy Courtney is a Realtor with REMAX Realty Wellington. For more information, call (407) By KATHY COURTNEY The biggest cost when buying a new home is not the land, nor the' materials from which the house will be built, nor the labor it takes to build it. Rather, it's the cost of obtaining a loan and the interest homeowners shell out over decades of monthly mortgage payments. You must buy right to come out in good financial condition when you eventually sell your property, and you must maintain the place so its value will at least match inflation. The house you buy for $150,000 this year must sell for $263,000, 20 years from now to remain steady with the cost of living. Over that same period, however, you may be able to save $95,700 in interest payments if you can afford to increase your payments 25 percent from the $1,000 per month on a 30-year mortgage cost at 8 percent in interest to a $1,250 mortgage payment on a 20-year mortgage. You can also reduce your interest expense by $11,100 over 20 years if you can cut your interest rate by half of 1 percent. You may able to save a few thousand dollars if you trim the closing costs. Reduce all those figures by the income tax deductions you can take on interest expense, and you will get the same three stories, which are: First: Depending on how well you do it, you could make or lose more money on You must seek and demand expert advice. You have to consider all the appropriate sources of money, and you must compare carefully the arrangements offered. After you have invested time and effort in finding the right house, it's understandable that you want to settle for any financing, just to get on with your life. But that's not practical. Here are a few things to consider: Shop carefully for your lender. There are many lenders in your community, but the throw-a-dart method of selecting one can create a nightmare you will remember for years. At the least, a wrong choice may cost you the price of a loan application fee and delays in the closing on your new house. You also might find yourself obligated to pay additional fees and higher interest rates. If you pick the wrong lender, you surely will suffer severe emotional wear and tear. You absolutely must find a lender and a loan officer with that firm who understands the various lending programs available today, and who will work honestly and the financing of your home than on the purchase and resale deals. Second: The financing of real estate, whether it is a townhouse or a regional shopping center, can be very perplexing. Since most families change houses once every five years on average, and since the real estate financial world grows more complex with every turn of a calendar page, every home buyer who doesn't have a father-in-law in the banking business needs quality counseling when shopping for a mortgage. Third: All lenders are not the same. There are good ones who will go overboard to help you meet your needs and who will lead you to the deal that is best for you. Then there are bad ones who will work just as hard to sell the deals that are juiciest for themselves. There is an army of mediocre lenders in the middle whose primary objective is to make sure they can leave the office at 5 p.m. and go home for dinner. You may have guessed by now that I strongly encourage you to shop as carefully for your financing as for your new home. raw wim T-i .. . .- . .. k .71 I diid! (SfiJPtUw inn ; . . - i-4 -- v FAIRWAY VILLA A nreat oolf A water view 1 level Home w3 bedrooms MUST SEE LOCATION! Owner has $500,000 Invested and has reduced to $439 000 Fully fumtshed 33.5 wfaimly room. tile, cori-an poof spa All me extras, model condition 2 baths heated private pool spa. tile floors in super condition $269 000 Can me today S&i&iZ. tr THURSTON LEGENDS Maior once adiustment Owner needs smaller space, so The view is excellent, the property is perfect and the decorations delightful 32 condo w garage 4 screened you nave mis 32 b ion. family room witn greai o-swo tor less - reduced agam - $? 39 Ouo Hurry, can oatw Fully turrHsnea uu T7 SPRING IS BLOOMING WITH GREAT BUYS! RYDER CUP Futy furnished 22 condo on 1 level m garage Water 20 MARLWOOO LANE Delightful water i go location Large home wg Island t goD news, very private. Me floors, patio, com munity pool Now offered at $209 900 rooms 4Blvjorn. poor game mam -rnuiKS. t Vou can wale fhe sunsets Reduced to $399 OOP "i H i HEATHER RUN 22 plus garage -1 level, private patio, only $121 ,900. CaH me today to see 1 VILLA D ESTE - Great location, large pato wspa S super view. 32.5, tots of space. $249,500. Hurry. IBIS - 2 story former model. V3 wpool, view. Fum $299,900, or not $279,900. Must see1 EAGLETON COVE - Price reduced for quick sale tufty fum., greaf view. 33, poof. $349,900. MARLWOOO - Over 3.500 sq ft. 43 5. pool. 3-car garage Great location, a great find $489,900. ISLAND Fully furnished former model. Nature preserve view. 13 den. $529,900. 10 NEW HOMES from $185,000 GOLF VILLA - Private patio, 22. top unit. Move in fast. Pnced at $74,900. Looks great. CLUB COTTAGE - Walk to PGA, tennis, golf. 2J2 needs TLC. Great view of water. 1 level. $89,900. DUNBAR WOOD - 32 coodo Great location, top comer, patio. hgh ceilings. Good choice $99,900. LEXINGTON GREEN - 22 with garage lake view. Great condition, top floor, comm. poo). $99,000. PATIO HOME - New carpet, paint, 27 w large ton, new appliances & garage $103,900. Can me. THURSTON LOT - Last chance to buy a PGA tot wrth great golf & water views. $109,900 RESORT VILLAS in the LOW $200's Laaaac' 2- J "-:-.. . Ot - - ''in WINDERMERE PRESTWfCK CHASE Welch m Senn-i Tournament from Itie large great wjom or pato Eat-m -itchen 38ft?Bm plus garage Reduced agon. $1 w 900 Cad me guc Lane screened patio wmte we on 1st oor 2J5 garage easy mvrtq neawo jw wip- Hnva'e erratic i j i -r j If V Ill - - " JH- r WttM I II ' "I"' '" PATIO HOME r "V cnune Incaton 2 irvel townrvjme wmasi uo 1BR t path dnwn 1-car oaaae. private patio A vr GLENWOOD IV your toram - 2 towwwmes wpvs cout vtrj ia-ov gi yo Sewed pato 9 X) Cat n r,' At f -ynr hV5 n-t $rr4 i

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