I spent some time talking to key real estate professionals this week and a common subject came up. Buyers are not doing their homework when it comes to getting a mortgage. Producing Realtors know that Big Banks are not always the best options for homebuyers. With issues from inexperienced Loan Officers to lenders outsourcing Appraisals through AMC(Appraisal Management Companies), realtors and buyers soon realize they lose complete control of the loan process and are at the mercy of the Big Bank problem. We all know someone who has experienced this.
Buyers – get informed!
Deciding to purchase a home can be an exciting life changing event. City or burbs? If you have you children or planing to have in the future, school districts come to mind.
Key steps to remember:
1)Prepare for the increase in mortgage rates – especially if you’re not purchasing in the next couple months . Feds are tapering off the purchasing of bonds which will indeed have a direct effect on interest rates
2)Work with a Mortgage Professional to run your credit report/analyze your liabilities and assist in improving your score to obtain the best rate and program for your home loan
3)GET PRE-APPROVED!!!! – Even before you start looking for a house, you should get pre-approved for a mortgage. This will make you a stronger buyer, because sellers will know you have the financing in place to move forward. In addition, getting pre-approved for a mortgage amount “sets boundaries around what you can afford. Those boundaries dictate what your price range is,” said McBride – read more
For the best mortgage advice and program options in the market, call me today!
Filed under: Mortgage Advice, Alex Romo, Alexander Romo, credit consultation, credit report, homebuyer, interest rate, Mortgage, Mortgage Professional, Mortgage rates, Pre-approved, Producing Realtors, Rates, real estate professional, The Federal Savings Bank