#1. Work with a lender who will give you a 'Clear-to-Close" within 7 days of applying. This means you do not pay for an inspection, appraisal and prepare to move only to have the bank 'find something' two days before closing and killing the deal. (That is Wells Fargo in case you did recognize their fingerprint.) Calibar will also provide you a government required Good Faith Estimate (GFE), not a worksheet at the same time.
#2. Use a local lender who provides portfolio loans. This means they will not be reselling your mortgage. The result will be you and your lender have the same goal. Normally, your goal is to buy a house while the banks only goal is to resell the mortgage. This DOES have consequences for you.
#3. Do not buy at the very top of your buying capacity.
#4. Do not use a lender or mortgage broker who operates on a rebate/kickback platform. You will need to ask the agent and the lender and the broker specifically if rebates are in play. For many reasons, the 'sweet words' of rebate will quickly turn bitter in the shambles of a failed purchase attempt.
$5. SAVE MONEY
$6. Reduce spending
#7. Increase your income
#8 Pay everything on time
#9 Do not make any major purchases on credit.
#10 Be very transparent in your conversation with your Real Estate professional. The reason we stay in the business is for folks just like you. Be sincere. Be honest. Be transparent. Don't second guess your agent. If you have questions, don't ask strangers on the internet, turn towards the professional you hire.
Very best of success in buying your first home.
These are very exciting and anxious times for you. Put some faith in the PROS you hire.
Its not Cheap but the result are guaranteed. Results in 30 to 45 days, 700 plus fico.
Sr. Mortgage Banker
NMLS # 659743
Participating in credit counseling is an excellent start to getting yourself approved for a mortgage. You will want to speak with a loan officer who is looking out for your best interest in order to get a full understanding of what the best option will be for you and your family. That being said, the number one thing you want to avoid is submitting for a preapproval online.
The loan officer is crucial and having a knowledgeable Realtor is just as important.
As Realtors we don't dive into your finances the way that a lender does, but we are aware of the programs that are available and we can be sure to get your lender to qualify you for those programs. The programs I'm talking about include down payment assistance, reduced interest rates, grants, city programs, county programs, etc. These programs/loans are not available to everyone, everywhere but with a savvy Realtor and lender, you are fairly certain to have an opportunity to take advantage of at least one of them.
If you would like to speak with me about what is available, please feel free to send me an e-mail at BenMurphy@HowardHanna.com with your contact info. I will be sure to get in touch. Once I know a little more about your specific financial situation I can refer you to a trust worthy loan officer who will be equipped to get you preapproved.