Choosing the Right Lender /Mortgage Consultant
Consult with a mortgage specialist to get familiar with his or her style, requirements and loan programs. 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 and fees.
- Availability of loan programs that suit your credit profile and desired property.
Get a preapproval. In most markets, even a Buyer’s market, you need a preapproval letter to be successful and to help avoid any surprises once you’re in contract. In a Buyer’s market there may be competition. Having your finances in order and a preapproval letter make you a stronger candidate for the home of your dreams. In a Seller’s market, your offer will be viewed more favorably and is a checklist item for a good listing agent.
I would be happy to suggest lenders who have proven themselves competitive and capable even with problem properties or poor credit.
Get Pre-Approved by a Lender
There are several benefits to going the extra mile and getting a pre-approval letter. First, you will know exactly how much real estate you can afford. Secondly, when you find a property you want to buy, your offer will be in a better position than someone less prepared. Finally, being pre-approved is more efficient; it reduces the amount of time it will take your lender to fund your loan. Be prepared to provide comprehensive documentation that the lender may independently verify, including but not limited to:
- Job and career status
- Monthly debt payments
- Cash available
- Total assets and debts