Whether it’s your first time purchasing a home, or you are a seasoned buyer, taking the time to learn how the process works is extremely important. Here are some items that will help you on the quest to find the lender that will work best for you.
Determine if you’re ready to Buy
Purchasing a home is one of the biggest commitments that you will make in your lifetime. There are several factors that can help you determine if you are ready to make this big step. Do you have a solid work history? How is your debt to income ratio? How is your credit? What are your plans and goals for the future? A good lender will walk you through these items, be a good listener, and ask lots of questions to make sure that you are getting good advice. When I work with a borrower, I will check their credit, but approval is based on much more than just a credit score. We look at all of these elements individually to create the whole picture and even if I can’t qualify the person at this time, I can help them develop a step-by-step plan unique to their particular situation listing goals and mile markers to help them get into a position where they can qualify later and I stay in touch with them to help them achieve each task in our plan. I’m available for questions and conversations throughout, because my ultimate goal is helping anyone who is willing to do the work and work the plan become a future homeowner.
Learn About the Different Loan Programs Available
There are several types of mortgage loans available that home buyers might choose to apply for. Some with a ZERO or very low down payment required. A good lender will look at all your details and compare and contrast the possible options to educate you on all of your alternatives. The loan programs that I work with are: Conventional, FHA, VA, USDA/RD, and the HUD-184 (Native American) loans among others. I can help with a purchase, refinance or investment properties. Each of these loan programs has different requirements and stipulations and one may be the obvious best option for you, or we may have several choices to choose from. It’s my job to help you make a wise choice by educating you on your options.
More than just the interest rate
Interest rates fluctuate day to day, program to program, and based on the individual applicant’s factors. There are basically 7 factors that determine your mortgage interest rate: credit score, location of the property, price and loan amount on the property, down payment, term of the loan, loan type, and interest rate type. I will show you the interest rates available for each plan you might qualify for and help you factor that into your decision. Rates are excellent right now and because I work as a broker vs being a loan officer for only one bank, I have several investors/banks that I can check rates with. It makes for an easy way to compare many rates at one time. Many times, I’m also able to match rates. If you’d like to work with me for my customer service and communication, but find a slightly better rate, I’m happy to match it so we can continue to work together. Choosing a mortgage lender is more than just about the rate, it’s a big step and you should have trust and good communication with the person you choose to work with. They should make sure you understand each step in the process, help you to make it through the underwriting process, and be with you step by step until you are closing on your home.
I take great pride in my work ethic and the relationships that I develop with my clients. I love helping families with this major step, finding a house and making it HOME. I’d love to work with you. Give me a call.
