Things to Consider When Comparing Home Loans and Costs
Understanding ALL of your mortgage options and costs
Hi {Borrower FName},
It’s been about a week since we last spoke and I wanted to touch base with you to see if there are any additional information you need from me. I understand that the loan process may seem overwhelming with all the information you may be required to gather, but I assure you, I am here to help. With that being said, let me suggest a few things to consider as you move forward with loan process.
How Long Do You Plan to Stay in the Home?
Your decision to take a lower interest rate loan for a few years puts more money into your pocket now. Not staying long? Take the low interest rate now.
Points or no Points?
A point is typically 1% of the total mortgage loan. In general, “higher points” tends to mean a lower interest rate over the life of the loan. “No points” tends to mean lower up-front costs, but slightly higher interest rates over the term of the loan.
Make "Apples to Apples" Interest Rate Comparisons.
Make sure you compare interest rates using a constant number of points. When faced with the need to compare rates you should convert each different type of loan into one quoted with a constant number of points. A 4 percent rate tied to 2 points is a lot more expensive than a 4 percent rate with 0 points. If you’ve received quotes from other lenders, call me at {Assigned Loan Officer Toll-free #} ext. {Assigned Loan Officer Extension} and I’ll help you compare them apples to apples.
As you know mortgage rates can be volatile. If you are serious, it’s to your advantage to submit your loan application and supporting documentation as soon as possible.
I certainly hope to hear from you soon and I look forward to helping you take advantage of our great rates and affordable loan options. Don’t hesitate to call or email with any questions. I am flexible and eager to work with you in whatever way is most helpful to you.
Best regards,
{Assigned Loan Officer Name}, NMLS# {Assigned Loan Officer NMLS#}
{Lender Name}, NMLS# {Lender NMLS#}
Phone: {Assigned Loan Officer Toll-free #} Ext. {Assigned Loan Officer Extension}
Email: {Assigned Loan Officer Email Address}