Financing your home in Greater Portland Maine remains a simple task when working with an experienced mortgage professional and money is readily available to lend though the media may convey otherwise. No matter your financial situation it is important to meet with a mortgage professional before you begin your home buying search.
Following your meeting, you will understand the loan type(s) and loan amount you qualify for, allowing you to realize your buying power in the Greater Portland real estate market. Whether you're looking to buy in Portland, South Portland, or Scarborough, for example, you will have a good idea of what you are able to afford before you start looking closer at homes.
Your real estate agent will be able to introduce and recommend you to a lender, whom their clients have worked with before. Nearly two out of three first-time home buyers used a recommended mortgage professional to purchase their home, according to Keller Williams Realty's "The Skinny on First-Time Home Buyers".
It's important that you become preapproved or prequalified with your lender prior to your home search, as a preapproval / prequalification will make you a stronger home buyer in the eyes of a seller when it becomes time to write an offer on your new home. Over 80 percent of buyers become preapproved prior to beginning their home search. A preapproval is stronger in that your financial situation is formally reviewed by an underwriter and the lender makes a commitment, subject to further conditions, that you are preapproved to borrow a set amount at a given interest rate.
At this time, interest rates remain relatively low, and in fact, near historical lows, making it very very cheap to borrow money to buy a home. Rates will likely never be this low again. What an excellent time to speak with a mortgage professional to understand what you can afford today.
With a great network among the real estate world, I would be more than happy to connect you with trusted mortgage professionals. Should you have any questions, wish to learn more, or be introduced to a trusted mortgage professional, call me today at (207) 233-2420.
AmeriFirst Financial, Inc. - Phoenix, AZ
Hi Jeff, you are right on the money. As a loan officer in the Phoenix, AZ area, I couldn't agree more. It is better for a buyer to spend the time upfront and meet with their lender to get pre-qualified. A good loan officer will let the buyer know how much they really qualify for. And of course, deal with anything that could be an issue with underwriting up front.
Rates are fantastic and in many areas like Phoenix, home prices have come down considerably. It is a nice combination.
It usually is in the buyers best interest to consider using the loan officer their agent recommends. Many times home buyers feel comfortable with using a lender who works for their bank. Of course right now, many of the larger banks are very slow and even more picky in underwriting than many good mortgage bankers. There usually is a very good reason an agent recommends a loan officer: the agent knows the loan officer is one of the best in a given geographical area and will of course deliver the most professional service available to the buyer.
A smooth, steady, loan process with minimal stress is something we can all live with!
John Kramer
Oct 18, 2010 01:33 PM
Rainer
85,046
85,046
Jeff Mateja
Southern Maine Real Estate
Real Estate Resources
Recent Posts
ActiveRain Community
over 11 years ago
Comments(1)