Buying a Home
Obtaining a loan is a complicated process and there are more financing options now than ever before. Selecting the right lender is a critical step in the home buying process.
Choose a locally-based lender - either a mortgage banker or a mortgage broker.
Local lenders have access to the same mortgage loan products as out-of-town, out-of-state, or internet-based lenders. The rates local lenders can offer are the similar, and sometimes better.
Why a local lender?
The number one reason is that you will have a person that you can call directly when you have concerns or questions about the progress of the loan. This same lender will follow the process all the way through closing. We can work as a team - the Buyer, the Lender, the Title Agent, and the REALTOR.
Need a Recommendation?
Some clients prefer to meet with the mortgage lender before meeting with a REALTOR. If this is the case, call me - I will be happy to supply you with a list of contacts at the various banks and mortgage brokers.
Pre-Qualified vs. Pre-Approved
Pre-qualification for a loan involves analyzing your income, assets, and present debt to estimate what you may be able to afford on a home purchase. This is basically an informal estimate that any lender can do for you - very similar to the results you will get from using the calculators on this web site.
Obtaining mortgage "pre-approval" is different. It means that you have a lender's written commitment to put together a loan for you (subject only to the particular house you want to buy passing the lender's appraisal.)
Most homebuyers apply for a loan after they have found a home. However, they are probably unaware that a commitment letter based on a full loan approval can be issued before they find a home to purchase.
Pre-approval makes you a strong buyer, welcomed by sellers. Pre-approval will also speed up the entire mortgage procedure once you've found the house that you want.t Step >>>
