Whether you choose to live in a state or not, West Virginia houses are affordable. House prices in larger West Virginia cities typically range from $20,000 to $1.5 million, while house prices in small town areas and rural areas average between $10,000 and $610,000. There is also a lot of open land construction.
If you are considering getting a home mortgage in West Virginia, you should know three very important things before you start:
You can negotiate for better interest rates
Most people know how important it is to shop at a good mortgage rate, but the majority of them don't realize that you don't have to accept the interest rate given to you. Any borrower can bargain. If Creditor A offers you an interest rate of 5.9%, and Creditor B offers you an interest rate of 6.5%, you can ask lender B to offer a better deal. You may be surprised at what lenders can do to get you better interest rates.
Your Right to a Good Belief Valuation
The Real Estate Settlement Act (RESPA) requires lenders to provide you with a written estimate of closing costs when you submit a mortgage loan application. Before checking out your loan, check this list of charges carefully. The lender who added unrepresented fees to the final bill's estimate violated the law.
May require Mortgage Insurance
If at least 20% of your West Virginia home mortgage is used as a down payment, the lender may ask you to provide Private Mortgage Insurance (PMI) . Although this may be necessary, PMI is an additional cost that no homeowner wants. Fortunately, the value of homes in West Virginia grew by an average of 15% every five years. According to the law, the lender must automatically cancel mortgage insurance when your home equity reaches 22%. Even if you must get PMI, you should be able to get rid of it in a short time.
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Orignal From: West Virginia Home Mortgage - 3 Things You Should Know About Mortgage Loans
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