How much do you know about Mortgage Loans?
If you’re a Home Buyer, you’re probably aware of the importance of securing a LOW interest rate and might be somewhat aware of the need for cash for closing costs, but how much do you REALLY know?
The internet makes you think it’s EASY to get a loan on-line, and it CAN be easy for a person with impeccable credit, flush with cash, and buying a cookie cutter house on a cookie cutter lot in a cookie cutter neighborhood in a homogeneous real estate market.
None of that is reality.
Most REALTORS (Including me) USED to know a LOT about mortgage loans and interest rates and debt to income ratios and credit scores . . . but it’s a new ball game now with myriad, ever-changing loan products and incentives, an artificially low Interest rate environment, and a perceived emphasis on the NEED FOR SPEED.
What’s the rush?
Get this financing thing done RIGHT the first time.
I believe the ONLY way to do this is to meet face-to-face with a knowledgeable Mortgage Loan professional. This loan Pro will “Prequalify” you based on what you tell her (TELL THE TRUTH and TELL ALL OF IT) and will then do some diligence a la “Trust but Verify” the information you have provided . . . and THEN will start the process of finding the RIGHT loan to fit your financial scenario and your long range intentions.
There are things to consider – Down-payment, closing Costs, Mortgage Insurance, Taxes, Hazard Insurance, government guaranteed loans (FHA, VA, THDA, Rural Houses) . . . and any one of these can significantly affect you positively or negatively in any given scenario.
Most folks are a round peg and most loans are a square hole . . . The LOCAL Loan Originator will advise and counsel and strategize and brainstorm to find JUST the RIGHT loan for you . . . and will then work with your REALTOR to structure the Purchase contract in such a way as to avoid any blips.
So . . . I hate to be the bearer of bad news, but all mortgage loan originators were not created equally – Some are better than others. Your best chance of success in this MOST important facet of the home buying process, relies on your relationship with a ROCK SOLID lender.
If you’re in Middle Tennessee and want some guidance as to who to call, give me a holler. I won’t give you mortgage advice, but I’ll absolutely hook you up with the best lender for YOU.
OK – Quit doodling on the internet and connect with me NOW!
OBTW – After you’ve worked things out with the Lender, circle back to me . . . I’ll be sure to get you with the right REALTOR also 🙂