Best Way to approach my mortgage situation

Asked by Yossi, South Bend, IN Sun Apr 15, 2012

I am looking for a home in the 70k range. Annual gross income is $42k, my monthly debt between CC and auto loan is around $650. Three clean reports, FICOs in the 730-740's. I dont have much in terms of a down payment/closing costs, maybe $3-4k. What is the best way to approach this? Should I go to a local credit union? get in touch with a mortgage broker?

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Heidi May, Agent, Lake Township, MI
Mon Apr 16, 2012
I would actually first start out with where you do your actual banking. I have found that many times whether it be a bank, or a credit union, they will go the extra mile if you already are a customer of theirs. They might give you certain perks that they would not give to someone that doesn't already work with them. Plus the fact that they are usually located where you do business, you will work with a live body who is there for you.

Then after going this route, I would check into some local mortgage brokers to see what they can offer as well. Check the bottom line in regards to closing costs and what you are allowed to ask for in Seller concessions with the differing programs.

After getting all of this information, you make the choice that will fit your needs best and then we go house hunting!
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Tom & Katrina…, Agent, Elkhart, IN
Mon Apr 16, 2012
Generally best to start with an institution you are already doing business with. However, make sure to shop around, many times credit unions are limited in the types of programs they have available. Be sure to ask plenty of questions and get not only the current interest rates but also the fees that are charged. Depending on your situation another mortgage company may be best for you! Finally, make sure you work with an experienced and trusted Realtor, who can help advise you on how to structure your offer and will be a strong negotiator on your behalf.
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Juli Turrell, Agent, South Bend, IN
Mon Apr 16, 2012
Typically I tell people to start with there credit union, as long as they feel comfortable there. There are several wonderful Mortgage companies in our area. Please let me know if you would like me to send a list of companies I have worked with in the past.

Juli Turrell
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Kerry Mullet, Agent, Elkhart, IN
Mon Apr 16, 2012
I would begin the process at the bank or credit union where you usually conduct your day-to-day business. Explore their closing costs and interest rates for a loan. I would then take that information to
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