Financing Process


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Shopping Loans-

How to Find a Lender:
With the proliferation of the Internet, it’s easier than ever to find a lender and compare loan programs to determine which is best for your individual situation. In addition to the Internet, you find lenders in the newspaper, and most commonly through referrals from your REALTOR®. We have relationships with dependable lenders who share DiTo Properties’ high standards of customer service; the lenders we work with have proven themselves competitive and capable even with problem properties or poor credit.

Choosing the Right Lender: Interview several lenders to evaluate the following:

  • Ability to explain things clearly and return your phone calls in a reasonable time period
  • Competitiveness of interest rates, costs & fees.
  • Availability of loan programs that suit your credit profile and desired property
  • Access to local loan approval committee that understands the kind of property you are buying

Choosing the Right Kind of Loan:
Today there exist a tremendous variety of loans; too many to list here, but rest assured there is a type of loan that will satisfy your needs. Your lender can help you select a loan program to suit your needs. Below are descriptions of the three most popular loan types we see in practice; for more detailed information click the link at the end of this page.

Fixed loan:
The fixed rate loan assures monthly payments will stay the same over the life of the loan, which is typically between 15 and 30 years. Fixed rate loans are most often suitable for people intending to hold onto a property for seven years or more.

ARM's (adjustable rate mortgages):
Accepting an ARM may be advisable if you plan on selling or refinancing your home within the next few years. Starting interest rates are typically lower than a fixed rate loan, saving you money initially. However, it is important to understand the index, the readjustment interval, the capitalization rate and downside risks of an ARM before making a final decision on accepting this type of loan.

Intermediate ARM’s:
Also called Hybrid Loans, these loans can offer fixed interest rates for the first 3, 5, 7 or 10 years after which the interest rate adjusts with the market every 6 months or year thereafter.

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