The first step in buying a house is to secure the financing of your loan. This allows you and your real estate agent to know how much house you can afford.
Choosing a mortgage company, especially the right company, can mean the difference between a happy experience or a bad experience. When you are ready to start your home search, you have 2 general options:
- Work directly with a lender. Lenders loan out there own money. They typically have their own force of in-house underwriters and loan programs.
- Work with a mortgage broker. A mortgage broker has access to many different direct lenders, giving you a variety of loan programs to choose from.
Beyond choosing a company, you also should shop around for the best financial package. These include interest rate, closing costs, prepayment penalties and loan terms. A good mortgage broker will be able to show you a variety of loan options and help you choose the best one for your needs.
Most importantly, ask lots of questions from any prospective mortgage broker to find the best fit for you. They should be willing to take the time to explain any confusing terms or conditions.
Janus Real Estate Group * Heather Anderson * 972-765-3773