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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

Rate Isn’t Everything 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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Every year we face possible disasters - wildfires, earthquakes, tornadoes, hurricanes and winter storms. If a disaster strikes your home, are you and your family prepared? Do you know where important documents, medications, and essential supplies are in case you have to evacuate? Do you and your family know how you would get out of your house, what you would do with your pets, where you meet each other if you get separated? Do you have a single point of contact you can call to let others know you’re safe? If not, now is the time to prepare. Don’t wait until faced with a disaster to begin thinking about emergency preparations. No matter what potential disaster you might face, there are basic items everyone should have in their emergency kit:

• Flashlight • Battery-powered radio (don’t forget extra

batteries)

Are you prepared for an emergency?

• Non-perishable food items and a manual can opener

• Bottled water • Medications • First-aid supplies • Important family documents in a

waterproof container • One complete change of clothing and

sturdy footwear

These items should be in a backpack or other easily portable bag that is stored in a safe place for quick retrieval. Each family member should have their own kit. At least once a year rethink your kit and replace batteries, food and clothes. In addition to an emergency kit, be sure your family has an evacuation plan and communications plan. Every member of your household should be fully aware of what to do and where to go in case of an emergency. Additional information on being prepared for a disaster is available from emergency assistance organizations or at statefarm.com.

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www.albanyherald.com

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