When it comes to buying a home, even veteran homebuyers often make the mistake of ?putting the cart before the horse,? by searching for a home without first finding the right mortgage and making sure that they can comfortably afford the homes they are viewing with the intention of purchasing. Finding and applying for a mortgage before searching and negotiating on a home will benefit you in several ways.
By locating a mortgage company and applying for a mortgage loan early in the home-buying process, you will be treated more seriously by sellers and their agents, making negotiations lean in your favor. Sellers love knowing that you have been pre-approved for your financing before tying their home up.
There are literally thousands of good mortgage brokers and banks hoping to be your lender. Many buyers have a mistaken notion that they need to go to a bank, but the fact is that brokers not only tend to have access to more programs and lenders than banks, they tend to offer better rates and more efficient service. The competitive nature of the mortgage business requires brokers to perform, or else they won?t get paid.
It is not a good idea to make applications with more than one lender, unless you feel your lender is neglecting you or changing rates and terms dramatically and you feel it is undeserved. If you have good credit and can prove your income, you should not expect the terms of your loan to change from your initial pre-approval. In fact, your lender should be communicating with you to get your interest rate locked as soon as you locate and place a property under contract.
First-time home-buyers have unique needs when it comes to finding a mortgage company. It is generally a good ideal to find a broker who comes recommended, and we are proud to be part of a referral network that allows us to refer a competent mortgage broker who is licensed in your state and familiar with your area and home loan needs.
Clint Wooley is co-owner of Sunscape Rentals and Sales, and HomeMax.org, a source for information, tips and articles for first time home buyers. HomeMax offers free Realtor referrals and Lender referrals. HomeMax Case Managers will help guide you through the home buying process. http://www.homemax.org
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