REALTORS® develop relationships of trust with the families they serve, and can help you avoid predatory loans by encouraging careful shopping. Ask these important questions:

• What is my credit score? Can I have a copy of my credit report?
• What is the best interest rate today? Do I qualify?
• Is the loan's interest rate fixed or adjustable?
• What is the term (length) of the loan?
• What are the total loan fees?
• What is the total monthly payment? Does this include property taxes and insurance? If not, how much will I need each month for taxes and insurance?
• Is there an application fee? If so, what is it, and how much is refundable if I don't qualify?
• Are there any prepayment penalties? If so, what are they and how long do they last?
  

If the loan is an adjustable rate mortgage (ARM), ask:

• What is the initial rate?
• How long will that rate stay in effect?
• How is the adjusted interest rate determined? (Generally, a specified amount-the "margin"-is added to a current published rate-the "index.")
• How often can the rate change?
• How much can the rate go up each year and over the life of the loan? What is the maximum monthly payment you could be required to pay? Would you be able to afford it?
• Does the loan set a minimum interest rate?
• Do the monthly payments gradually decrease the amount you owe even if interest rates increase? (With some loans, the amount you still owe can increase rather than decrease each month-called "negative amortization.")
• Does the interest rate increase if your payments are late?
• Could you qualify for a loan with the maximum interest rate permitted under the mortgage? If not, do you anticipate earning more in the future so you will be able to afford the higher payment?
• Can the adjustable rate mortgage loan be converted (changed) to a fixed rate without refinancing into a new loan? Is there a charge to convert?

P.S. I appreciate you as a client and a friend.  I appreciate your business, your loyalty, trust and your referrals.  It is my goal to provide the very best counsel, advise and service possible for your real estate needs.  If I may be of assistance to you, a relative, friend or co-worker please do not hesitate to call me.  I look forward to the opportunity to serve you.

Serving all of Flagler and Volusia County

Serving all of the Greater Daytona Beach Area, Ponce Inlet, Edgewater, New Smyrna, Oak Hill, Ormond Beach, Ormond By the Sea, Daytona Beach Shores, Port Orange,Holly Hill, South Daytona, Flagler Beach, Bunnell and Palm Coast.  Whether its Condo's, Single Family Homes, Vacant Land, Acreage, or Commercial Real Estate, Olga O'Brien will not stop until you are completely satisfied. Thinking about Relocating, I can help! Proud member of the Volusia and Flagler County Board of Realtors and Century 21 Sundance Realty.

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