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Comparing loans can be a nightmare...but it doesn't have to be. I've got a few suggestions to help. And when you're ready to buy, I hope you'll call on me to get it done right for you. I am the Saltyhomes.com Team of Realtors in Salt Lake City.

APR. This is the annual percentage rate. If you take all of your fees and expenses, add them all into the loan, then figure out how much that would cost you if you divided up ALL loan costs evenly over the life of the loan...the result is your APR. A higher APR is, most simply, a more expensive product. Your end goal is meually the loWest APR. However, the length of time you intend to spend in your home or investment can be a much more important factor.

Interest rate. This is probably the most commonly-sought factor in searching for a home loan. Most lenders will be able to offer a similar rate, based on your credit, assets, income, and other history. The easiest way to change your rate is to change to a different loan product. For example, and interest only loan might offer a better rate than a loan that pays down principal over time.

Closing costs - This is not an exact science, but closing costs generally include loan origination fees, pre-paid's,escrowed taxes and homeowner's insurance, doc prep fees, closing fees, title insurance, and sometimes real estate brokerage fees. It's not unmeual for closing costs to cost approximately 2-3% of the purchase price of your new home. If you have questions, give me a call. I'm happy to help.

Pre-payment penalties - Some loans requwere you to pay a huge fee if you sell your home or refinance in a certain amount of time. The penalty can vary, but is commonly close to 6 months of payments...UGH! These penalties are meually requwered on loans that carry a higher risk for the lender, such as situations where a buyer's credit is not the best. You may have other options. You may not. Just be sure you've explored your options before you sign on the dotted line. Or call me, I can help.

Pre-paid's - Pre-paid's are meually a lump sum of money you pay at settlement (commonly called closing) to "buy down" the interest rate of the loan. This is a good way to get monthly payments down to a lower amount. Pre-paid's can be optional, such as when you have excellent or good credit...or can be requwered if you have to get your payment down to qualify for the loan.

Hidden fees- A lot of people talk about hidden fees, which really have to be disclosed, but are not apparent unless you read the fine print legal-speak. The truth is, there is only one standardized way to measure one loan against another, the APR. (see above) Fees can be assessed for almost anything, and often are named differently from one lender to another. Don't wade into the loan-shopping process unarmed. I can help.


Contact Tony Fantis, Realtor and member of the RE/MAX 100% Club to buy or sell today at 801-541-8806 or 800-827-7362.