Choosing the right lender when purchasing a home is just as important as finding the RIGHT home! My tips for finding the right home loan may help you or someone you know:
Tip# 1 - Get your financial documents in order
Tip# 2 - Learn how to compare mortgages. Many lenders offer the same interest rate, however, there are differences in points and closing costs that could save you "out of pocket" money.
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Tip#3 - Understand the various loan options. Ask questions about which product is best for your unique financial situations and best suits your needs.
Tip# 4 - Get pre-approved. Homes are selling faster today than 6 months ago; when a seller you knows that you are pre-approved for your loan (subject to an appraisal) that makes your offer stronger than someone who is only pre-qualified.
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Tip#5 - Respond immediately to your lender when asked for other documentation or information. Waiting too long could cause a delay in closing.
Tip#6 - Don't use your credit card to purchase anything during the loan processing. Pay your bills on time, don't open any new credit cards and don't buy a new car. Don't change jobs during the home buying process. A new credit report will be required before title transfers on your next home.
Trust me, over the years I have seen many buyers who are very disappointed due to not following these tips. One buyer recently changed jobs to make more money and ended up losing out on the home of his dreams because he was now on 90 day probation in new position. Better safe than sorry!
Carol Murphy