REAL ESTATE FINANCES

Recommended Local Lenders

There are many competent lenders in Bloomington (and elsewhere) and you're welcome to select a lender of your choice when financing a property. The lenders are listed below only because this is where SRS business has ended up and because these lenders have proven themselves reliable over time. When they say a loan is good, you can move forward with your purchase, confident that you will not be blindsided by unexpected loan-related problems and confident that funds will be disbursed in time for your scheduled closing.

*** You might want to read this -- the National Association of REALTORS® take on risky loans!

IMPORTANT NOTES:
Rates are flexible and circumstantial. There is more to a mortgage than just who has the lowest rate. As you investigate financing, make sure you fully understand the process -- or better yet, consult with those that do! Your mortgage can be with you thirty years -- or more now! You owe it to yourself to be comfortable with the process.

--------
* these are interest rates. Contact individual lenders for the APR for each loan product. Also, different terms MAY apply for refinancing, so call your lender for their institution's "refi" policies & rates.

Interviewing Lenders  back to top▲

When talking with lenders, there are three basic questions you will want answered:

• Am I qualified to obtain a mortgage?

• How much will it cost to get to the closing table?

• How much will my monthly payment be?

Ask the lender for a good faith estimate. This estimate itemizes expected and actual fees to get to closing. Signature Realty Services can meet with you to review any good faith estimates you receive and, as you consider your financing options, help ensure you are comparing "apples to apples" as you decide how to proceed.

Here are a few more questions you might ask your prospective lender:

• How will my credit score and/or amount borrowed affect my mortgage?

• Should I sell the property I'm buing, make early payments, refinance or otherwise pay off my loan, are there any pre-payment penalties?

• Does your lending institution have any flexibility on the rate being offered?

• Is it possible to avoid PMI?

• Does your lending institution have any peripheral requirements (must open checking account, etc) that I need to know about?

• Do I have to escrow property taxes and homeowner insurance? What are the fees for not doing so?

You might have other questions for your lender, but getting answers to the questions above will provide a good start as you decide which lender you prefer. Signature Realty Services is ready to help you with your questions related to realty financing!