There are many details that go into the completion of a mortgage loan which it is important for you to understand in order to spend as little money as possible and get the best deal that you can.
We will be discussing these factors in today's article.
Is important to understand how points work for a mortgage loan.
When he you buy or sell a house there are a certain number of points which must be paid to the agent in order to complete the loan.
Who pays these points is not always clear and should be discussed between the real estate agent that is the selling agent for the property and the agents that is the buying agent for the purchaser.
Typically these points range from 2% to 6% of the total amount of the loan.
It can often be a good negotiating tool to try to get the other side to pay down these points as a condition for completion of the contract.
It is possible to sell your home or obtain a mortgage loan without the use of a real estate agent.
Whether or not you decide to sell your home by yourself or to buy a home from a sold by owner seller is up to you as you may get a better deal or you may not depending on your negotiating skill and your understanding of the housing market which you are selling your home into.
although you may save money by not having to pay the agent their percentage, they may have a better ability or understanding of the true value of your home in order to maximize the amount that you can obtain for it.