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Welcome to the Homebuyers Guide!

Advertising Account Executive

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Rate Isn’t Everything Most homebuyers are consumed with finding the lowest interest rate for their mortgage. While rate is important, the tips below are a few other factors to consider when securing the best mortgage deal. Some lenders pre-factor origination fees into closing costs in order to offer a more attractive interest rate. This is often referred to as “buying down” an interest rate. While this can be beneficial for some borrowers, it may not be worth the extra expense for others. Applicants may have the option to pay the fee up front adding extra out of pocket expenses or the fee may be added to the loan amount, which could result in additional interest expense over the life of the loan. Origination fees may help lower the interest rate, but the monthly payment may not be reduced enough to constitute the increased loan amount or out of pocket expense. Applicants should be sure to discuss all available options with their lender when beginning the mortgage loan process. A number of mortgage programs are available in addition to

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conventional mortgage options. Government programs such as FHA and VA mortgage options, for example, have their own set of qualifications and guidelines including interest rates and down payment requirements, which could prove beneficial. Consumers with lesser credit may be required to have a larger down payment than a consumer with A+ credit. Government programs, however, often times help control rate and down payment requirements making it an attractive option for many applicants. Some lenders charge loan application fees, which may or may not be refunded if a mortgage application is approved. Other lenders may not charge application fees at all. Non-refundable application fees add to out of pocket expenses. While many of the expenses associated with closing costs are set expenses, borrowers have the right to select their own real estate attorney to handle the loan closing. Attorney fees vary, which gives borrowers an opportunity to shop for the best value. These tips are brought to you by Assurance Mortgage. For more information on the mortgage or home buying process, please feel free to contact Assurance Mortgage President, Evie Carver, at any time at (229) 420-8225, (866) 300-6152 or ecarver@assurancemtg.com.


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229-434-8700

229-888-9300

BOX OFFICE: 229-317-7217 BOOKING INFO: 229-430-5200

500

229-430-3

229-878-6936

229-436-0173

229-317-6000

229-435-1301

229-431-1264

229-436-7216

700

229-434-8

229-431-3266

229-431-1264 229-430-62

00

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229-431-2130


247

229-431-3 229-431-2157

888-660-5890

229-438-0192

229-420-8000

229-759-6014

882

229-846-8 229-759-2422

229-759-3014

229-759-60 229-759-6464

10 229-759-6054

800-476-4463 9-6002

229-75

229-436-0070

229-436-0134 229-883-57

94

229-883-8330

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Homebuyer's Guide - August 2011