Getting A Mortgage Today!
In my years of experience as a realtor, I can tell you that spring is a fantastic time to start shopping for your new home
. You will be able to visit and explore many homes for sale. These are homes whose owners have spent all winter preparing for your arrival.
Because lenders often offer their most competitive and attractive interest rates, and introduce new mortgage loan program, during the spring, buyers are more likely to save money when they opt to purchase during this time of year.
Here is some advice about how to structure your search for a new home. I hope you will find it to be very helpful.
Get a Loan Commitment, but Keep the Numbers to Yourself
Buyers who already have a loan commitment in their hands before beginning their home search are able to reduce the number of homes considered for purchase. Having a loan commitment also makes negotiating with the seller much less intense.
In order to obtain a loan commitment from a mortgage lender, you will first need to determine the amount of money that you can afford to pay toward your home loan each month. Keep in mind other expenses, such as recurring debt payments, as well as possible changes in your financial or family situation over the life of the mortgage.
Once you know what you can truly afford to pay, research mortgage lenders and their specific lending programs. As a realtor, I know that one of the most time-consuming and frustrating processes that new home buyers face is the process of selecting a mortgage product that works for their specific needs. Explore the options, negotiate with the lender for a lower interest rate, and consider the amount you have on-hand for up-front costs and a down payment.
Once you have identified the best possible mortgage program for your lifestyle, complete the lenders pre-approval application process, which will include providing paperwork and information regarding your financial situation and employment status and history. The lender will investigate your credit history and may verify your employment. If everything is in order, the lender may issue you a pre-approval decision.
At this point, you need to go one step further. Request a written loan commitment stating that the lender agrees to give you a mortgage loan of a specific amount. This statement will also contain the maximum amount that you are approved to borrow. Keep this number to yourself!
by: rampdog
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