There are banks/brokers/and correspondent lenders. All 3 act differently in the mortgage business, but i loans and the companies I work with fit into the correspondent lender arena.
The truth is the all 3 tend to be fairly competitive when it comes to rates, and they also offer similar loan products. A very popular one right now for 1st time buyers is a 5% conventional program through MHFA that uses no PMI. The monthly payments are lower and I love the product for my buyers.
Will you look at down payment assistance? What loan product is best for you? The reason why I ultimately choose correspondent lenders is they can close fast and get the tough deals done. My buyers still get great rates and excellent customer service. In our current lending environment this is what I value the most for my buyers.
Google is heaven of course, so feel free to do a little research on your own. Interview a couple lenders as well. 90% (or at least the majority) of the home-buying process pertains to financing, so take your time and don't be afraid to ask questions so you understand the process. That way it is fun!
It is true that eventually you will use a realtor to purchase the home. I think sometimes the public views realtors as only part of the transaction...showings and writing purchase agreements. The truth is that for realtors like me whose business is almost all first time buyers I help with the whole buying process; not just the fun part of looking at homes.
Typically there is no contract needed during this stage. It is more of a "test drive" where the realtor can help you on financing and some pre-lim property search stuff. When it does come time eventually to start looking at homes you can stick with the same realtor or just go your own way. Regardless you should gain a lot of valuable information along the way!
So basically you can either research lenders yourself, or use a realtor who has worked with a ton of loan officers with his/her own clients for a little help. Either route does not need any sort of commitment it just comes down to your comfort level and what you want.
Last FYI is that I always make sure first time buyers know that the seller pays our Realtor fees in Minnesota. Sometimes this gets missed through everything else in the home-buying process.
Good Luck and Happy House Hunting!
There are a number of great mortgage products and programs in Minneapolis that may not be available from all lenders, but one of the neighborhood non-profit housing agencies listed on the Home Ownership Center web site is a great place to learn about all the options available to you.
You're doing this very wisely. Your lender is one of the 2 most important relationships to develop when shopping for a home to purchase. I'm always telling my buyers that you will be sharing lots of sensitive information with this person, so you should make sure it's someone you can trust, someone with whom you feel some rapport. You don't want that person to make you feel uncomfortable. The other relationship, of course, is with your agent. Don't get stuck with someone by default. Make sure you interview and ask questions of your agent to make sure you have that same sense of trust and rapport.
I believe any agent on this page can give you good recommendations for lenders that they trust. If you are still looking for some lenders or mortgage officers to interview, let me know and I'll be happy to put an e mail together for you with contact info.
I have an excellent loan officer/mortgage broker for you.
She is exceptional.
They do in house financing as well as regular funding
They have normal financing and creative ones for you.
I would also love to help you with your home search.
I am a strong negotiator and can get you best deal ever!
Feel free to contact me and we meet and see properties.
Thank you Ravit.
My contact info is below.
LIVE SEARCH the Entire MLS:
Ravit Berg @ RE/MAX Results
15451 Founders Lane | Apple Valley | MN 55124
Cell - 952.334.4179 | F - 651.460.1272
firstname.lastname@example.org | https://www.facebook.com/ravit.berg
You will need 2 years of self employed history to count your income. Be prepared for the underwriter to only count a portion of your income.
I recommend that you start a file to keep your documents in for the mortgage it should include;
The last 2 years of taxes, W-2's or 1099's
Most recent month worth of pay statements
You will need to show that the down payment is in your account for two months or that it is a gift
You likely need to show reserves as well, a retirement account works well for this.
Keep all the pages to any bank statements you need to provide them all even if it is blank.
when you get a new statement or pay document just add it to the file.
Buying your first home is really exciting! First time buyers find it most helpful to have a team working with them. This includes a professional Realtor, an excellent mortgage lender, and trusted home inspector with appropriate certifications. 80% of your process will be education, i.e. interviewing Realtors (at least three), mortgage lenders, etc. then finding out what you get for the money in the area(s) you are interested in living in.
Our group has Realtors who specialize in working with first time buyers. We have relationships with numerous mortgage lenders and will suggest several to you based upon your needs.
There are 2 types of Buyer Agents in Minnesota.
1) The Exclusive Buyers Agent - works ONLY with buyers 100% of the time -won't try to push their listings on you.
2) The Non-Exclusive Buyers Agents works within a traditional company that represents sellers and buyers, which puts you at risk of being involved in a Dual Agency situation.
I hope you will take the time to research which type of agent will be able to best serve your needs.
100% for Home Buyers - 100% of the TIme!.
I have worked with Adam Farrell with Alerus Mortgage for a number of years. He is extremely knowledgeable, will be honest with you and has been in the industry for more that 10yrs. Here is his contact info:
If you would like me to have him contact you directly just send me an email at email@example.com or call me at 651-343-3304
Good luck and happy house hunting!
Keller Williams Integrity
2680 Snelling Ave N, #100
Roseville, MN 55113
Visit one of my websites below or see me at http://www.trulia.com/profile/mattbrownrealtor/
Once that is done you will know your price points and if anything needs repair you can
get that fixed first. The second step is to work with a Realtor familiar with the area you
want to live in. Interview several Realtors and the one that feels right and has the
experience you are looking for in the area you want will then give you the best assistance.
Thomas Simonsen Realtor
Counselor Realty- Edina
Professionalism and Integrity
Yes, getting a loan as a self employed individual is very possible, especially with a working husband. You will need to make sure that you have documented your income and expenses well and then select a good lender. I have a list of questions that you can ask a qualified lender to ensure that they will be a good fit for you. Just email me if you are interested in that list.
President, Counselor Realty, Inc.
Experienced Agents Providing Exceptional Service.
Call Cathy Robin! She's an excellent resource. She's with an independent mortgage company so she's able to giude clients to all sorts of Financial Vehicle's not just the ones her company promotes.
Get a couple opinions!
If you need a Realtor, interview me and my company!
Happy New Year!
The Duckwall Team of Realtors
Your Referrals Are Greatly Appreciated
Ask About Our Free Home Warranty For Buyers and Sellers!
Once you get qualified, then I am happy to help you find your new home. I can be reached on my cell at 612-801-2355.
That is a pretty common question. The first thing a lender will look at for qualifying you for a home purchase is your debt to income ratio. Depending on how much your husband brings home you may be able to qualify on one income. Otherwise if you are able to prove how much you make with tax returns and receipts from the last couple years they should be able to use your income. I work with some really great lenders that would put you in the best position to buy a home. Please drop me a line or give me a call and I can give you there contact information. Thanks Thaddeus