Obtaining a mortgage in any market can be a stressful and difficult.

However the Federal Reserve has written a great handy guide with 5 key things for consumers to think about when shopping for a loan.

1. Don’t take on more than you can handle – over stretching yourself financially is not a smart move, always think long term and try to predict the unpredicable!

2. Shop Around – As friends and family for recommendations on a good loan officer or broker who they have worked with. Personal recommendations are often a great way of ensuring you feel comfortable with the person you are dealing with. Also it can help you get the best deal on a loan.

3. Understand all costs – If you are not sure what all the fees are for, then ask! If you have a great broker they will be willing to help. Your real estate agent may be able to answer some questions for you too – they can also be a great resource in helping to locate the right mortgage professional for your circumstances.

4. Learn the benefits and risks involved with the product – Fixed rates are back in fashion again, however adjustable rate mortgages (ARMS) work for alot of people. Understand what you are getting in to!

5. Ask for advice – Show family and friends the offer you have, talk with them and see what they think – their input could help save you thousands if they know of a better option for you!

With the mortgage market recovering from the recession there are some great loan products coming back to the market – with affordability so great it is no wonder many people are realizing their dream of owning their own home.

By utilizing Clarus MarketMetrics® users can run reports on the median home prices and many other report options pulled directly from local MLS data, results can then be sorted and distributed to clients and/or  posted online. Clarus MarketMetrics® allows users to target to a specific zip code for their report and in some cases a map code or even a school district.

Please contact us for more information on our Real Estate statistics products and visit our FAQ section for a little more on what we do.

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