mico3160, Home Buyer in Sterling Heights, MI

Looking to start the process of purchasing a home in Sterling Heights. What should I be looking for when choosing a lender?

Asked by mico3160, Sterling Heights, MI Mon Aug 6, 2012

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0 votes Thank Flag Link Tue Aug 7, 2012

I would start off by finding out what your credit was yourself. Then you can use that information to let prospective lenders what it is without them running it themselves.. They use a Fico score which is different than a credit score but it would give them an idea where you are with your credit.You can go to http://www.AnnualCreditReport.com . This is free & you can get it once a year. It won't hurt your credit either. When anyone else pulls your credit, it could hurt your score.

Hope this helps,
0 votes Thank Flag Link Tue Aug 7, 2012
Lenders have different programs and therefore it is important to talk with a couple. If you have a realtor that you are working with they can give you the name of a couple of lenders they have worked with and found to be very competent and efficient. Having someone that is experienced and knows all the procedures and steps to complete a mortgage in a speedy manner is important. If you are not currently working with a realtor I would love to help you with your purchase. I have 9 years full time experience and know the process to keep on top of that with your lender to complete your purchase in a timely manner. I also have experience in handling the normal problems that occur in a home purchase and believe me there are several in todays market. Please let me know if I can be of assistance to you.
Thank you
Becky Drob
Real Estate One
0 votes Thank Flag Link Tue Aug 7, 2012
I would ask friends and family for recommendations. If you are working with a real estate agent they may be able to recommend a few lenders that they work with. If you are not currently working with an agent I would be happy to assist you. If you would like the recomendation of several lender I would also be happy to assist with that too.

Good Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes Thank Flag Link Mon Aug 6, 2012

I agree with Haig. Different lenders have different programs. There are different types of loans and rates. FHA, Conventional,203k, Homepath, homepath renovation to name a few. You are going to want to start process with someone who is going to walk this through with you step by step. What if you didn't qualify today? How long until you can? What can you do to get there? What are the differences between loans.?How much can you afford and live comfortably? What will I need to close? What about property taxes?

It should be more than a yes or no qualification . It should be an education.

Hope this helps,

0 votes Thank Flag Link Mon Aug 6, 2012

There are quite a few lenders out there so I would talk to at least two and compare some of the items that they can do for you. Some may give you a free appraisal, some may give you one free financing if you want to refinance, etc.

Write down a few questions that you can ask a potential lender and call a few up and ask them about rates, experience, and other things that you may be curious about. You may not click with every rep so see who you feel comfortable with . How available is the rep to answer your questions and are they responsive. Do they know the area, are they familar with home values in the area, and can they suggest agents that know the area well to help you (in case you don't have one)

I know a few good lenders in the Sterling Heights area if you need one. I lived in Stering Heights for 10 years and I am now just north of Sterling Heights in Shelby, so I know the area and the lenders in the area very well.

Let me know if you need assistance in either and I can email you a couple of lenders who are great.

My contact information is below.

Elias Realty
(248) 379-6547
0 votes Thank Flag Link Mon Aug 6, 2012
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