Are you buying your first home in Birmingham and finding you need to select a real estate agent to help? Perhaps you do not know what to look for in an agent. There are many factors to consider when you shop for a birmingham mortgage broker. The key to selecting a good agent is to make sure that the representative selected has the skills, knowledge, qualifications and resources to ensure you get the home you need at the best rate possible.
If you choose a knowledgeable agent, you stand a better chance of getting a good interest rate. The agent can help you shop the market and compare different loan programs to determine which would be a good fit for your family. First, obtaining a mortgage with a high interest rate can hamper your chances of finding an affordable home. Even if it is a 2% difference, this small percentage can run you in the thousands annually. When you calculate the 2% amount over a 10 to 15 year period, you are looking at a huge amount of money wasted, money that you could use for new furniture or a family vacation.
Knowing the Birmingham market area is a major consideration when selecting a broker, and a knowledgeable representative will provide you with an accurate estimate of what houses cost in the area plus housing trends. Furthermore, the agent will also provide you with a comparison report of the average house prices in 2012, and compare those prices to 2013. You will also be given the outlook for 2014 of not only houses in Birmingham, but the surrounding areas, as well.
Choosing an ideal location for your home is important, and knowing the interest rate as well, but other factors that come with a new mortgage include the solicitor’s fee and surveyor’s fee, and knowing how these additional charges will impact the buying process is crucial. Your agent can advise you of the cost involved with these additional charges and factor them into your monthly cost to determine an affordable mortgage.
Finally, select an agent who undergoes annual assessments. Annual assessment ensures the agent is following strong ethical stands and treating all customers fairly. During the selection process, make sure you ask the agent whether the company undergoes annual assessment. These simple tips will go a long way in ensuring you receive a good rate and a good buying experience.