Home : Blogs : Camarillo CA Real Estate Agent/ Mana Tulberg : Camarillo Homes & Ventura County Real Estate

Before We Start Looking For Your New Home, Did You Talk to a Lender?

Buying The first thing I recommend to all of my Homebuyers is to have an in depth consultation with a reliable Mortgage Consultant. It is crucial that every homebuyer sets a mortgage game plan a side before the start of their home hunt with their agent. You probably already know the city, number of bedrooms, and layout of the house you have in mind so why not prepare your financial outline with the same due dilligence?

Can You Do It?

We have all heard about the rise in delinquencies and foreclosures in the real estate market all over the country. The much reason for this occurrence is that borrowers who took out the interest-only or negative-amortization loans are now stuck with much higher payments because they did not think a head.

So, if you can not handle an adjusted rate mortgage, remember you are in charge, tell your lender; no thank you.

Can You Afford It?

You set up your housing budget, not your lender. The lenders will usually document your approval at the highest possible loan amount for which you qualify. One reason for this is that they will make more money if you borrow more money. Both life and being a homeowner have unexpected expenses which need to be taken into consideration as you place a dollar amount on your mortgage amount.

Now, after you have examined the complexities and risks of a home mortage and discussed them with a mortgage professional, get together with your real estate consultant and begin your home search with greater confidence and peace of mind.

Posted by Camarillo CA Real Estate Agent/ Mana Tulberg on 09/04/2007 01:38 AM

Comments (37)

camarillo ventura county real estate information

Originally posted at: Camarillo Life & Real Estate: Before We Start Looking For Your New Home, Did You Talk to a Lender?

This post has been included in California Information Ventura County, CA Information Camarillo, CA Information

37 Comments on Before We Start Looking For Your New Home, Did You Talk to a Lender?

SEP

2007

Great post! I never take my clients out home shopping until we have a pre-approval letter. I also let them know just because you were approve for $180 doe's not mean you have to buy a property at that price.

Have a blessed day!

Good post. Right on. We never take people out until we know they are qualified to buy.

Today a pre-qual or pre-approval is much more important than it was prior to the mortgage mess. As a listing broker, I am double and triple checking on the lender and making sure that the buyer has talked to one. When we have multiple offers, the lender is a big part of determining which offer we accept and/or counter first.

Awesome post!! It's just business after all, clients should understand, keep blogging.

You wrote such a great blog I sent you an e-mail. You Got Mail :)

Mana, in this crazy swing of the mortgage business, I am now checking on the buyers lenders too. I am having everyone with a back-up plan. You must stay on top of the transaction both sides. A pre-approval letter is a must before they step foot in my car or my teams.

This is great information for home buyers. Missy is right...check out the mortgage consultants too these days. It's important to make sure your clients/buyers get off to the right start with reliable information regarding a new home purchase.

I look at the prequalification process as a gas saver, too. I just strong armed someone into getting a prequal before we even went out. They didn't realized condo fees and taxes would make the month payment be so high and backed out. I saved myself days of work and miles on the road.

Mana--Such important information! I always ask this question first of anyone calling on a home. If they have not visited with a loan officer, I have them call mine before showing any properties. To show someone a home they cannot afford is very disheartening. Good post!

Mana, excellent information ESPECIALLY about the lender approving at the highest amount possible. People need to realize that the amount the lender quotes them is a soup budget with very little frill money left over!!!

Lorinda, And that's how it should be. Thank you for commenting.

Bob & Caroline, Thank you. I am sure your buyers can appreciate that latter on.

Joanne, Your sellers are so lucky to have such a diligent broker.

Francisco, Thank you for your comment and visit.

Hayden, Thank you, I'll check my emaill later on.

Missy, I don't blame you. You are wise to do that.

Susie, you are right. After all we work on a referral basis, don't we?

Chris, I hear you, been there myself with a client.

Teri, That's what I do and if they don't call I know they were not seriouse buyers.

Chris, I know of people that are eating Top Ramen to make the mortgage payment, the lender said we could afford to buy this house!!!!!!!

Mana - great tips for homebuyers - a lender can be the other advocate working for the buyer!!

Jack, yes they can be.

Mana - Good post! I will always tell my clients what they can go up to but I also tell them how much that will cost them monthly to make sure those payments are affordable! If they are not comfortable with that amount I back it down to where they are comfortable. Also when purchasing new construction, buyers need to be aware (in Illinois anyway) that the taxes will jump big time when the tax bills are turned over to the owners in approx 1.5 yrs. There are also buyers that want to push the limits you give them...

Mana - that's the first thing we tell home buyers to do too. I think it's the foundation for success in homebuying

Kim, That's why you are still in business and have clients refer their family and friend to you.

Cyndee, Only if all homebuyers could follow this path.

Thanks, Mana. You're right - it is so important for the prospective homebuyer to now what they're getting into before they go looking at homes.

Ilyce, You are welcome. We do that for most of our shopping I don't understand why people don't do it for their biggest purchase

Mana,

This is good advice - I always try to ask folks about this the first time I talk with them. I have had to learn just how to approach it and it is different with each person. Nothing is worse than wasting a bunch of time for everyone only to find out they can't buy the home they have their heart set on.

Rita, You said it my friend.

SEP

2007

I love this approach and it is the approach I use also.... I want the home to fit my buyer not my buyer to be married to the home

Thesa, Yep, unfortunately there are some people who do marry their home.

Mana, these are great tips for homebuyers, especially those in Ventura County. It is always best to know what they are up against. Great post!

Stephanie, Thank you, I think we all need to do our homework before we purchase anything especially a home.

Mana - I do not take buyers out unless they are pre-qualified and I know something about theri lender and program. I can not tell you the amount of times I have saved my client money just by knowing what their program will allow.

SEP

2007

Paula, That's because you are a great and wise realtor.

Mana, now if we could just get the general public to understand this fully, we'd have it made. I got a call today from a potential buyer I talked to awhile back and referred to a lender...he still hasn't gotten pre-qualified. Once again, please contact your lender before we go look at any homes...

Amen Mana......amen! Great information out there!

Mana...

Well. You know me...No pre-qual...No Me :)

Not having a pre-qual means you may find yourself working for free. Not me man. I'm expensive. Ask Blog Boy :)

TLW...ROAR!

Mana,

Well put. Every home buyer should read this post and take it seriously. He is probably signing up for the largest debt in his life and with it comes a large responsibility. Namely, paying the loan back. As the current real estate market has shown us, you can't count on home values constantly rising. So prepare your budget for all possibilities.

Vote for this post on my possible posts to feature today! Vote for it here!

I never take a buyer out without a PRE-APPROVAL Letter. If they don't have one I call one of my preferred lenders and get them approved on the spot. Not worth my time or the buyers time if they aren't approved for the house they are looking at.

Lisa, I have a few of those people who call me, want to go see a house, when I ask them if they have talked to a lender, they say no, I put them in touch with my lender, but they don't answer his calls!!!!

Leah, I can't help them unless the buyers come and see you guys first.

TLW, OH, I know you are smarter than that :)

Esko, Thank you. A house is one of the largest financial commitment that can break up family commitments and etc. it should be taken very seriously.

Colleen, Thank you, I am very grateful.

Stacy, You are a great realtor for doing that.

SEP

2007

Very good post, and very true. It's like the way people love to win a contest, but don't want to take the time to put in an application. Buying a house is so much sexier than 'getting pre-approved for a loan'. :)

Unfortunately, so many people treat the loan-approval-then-buying-a-home process like getting a credit card with a limit, then running straight out and charging it to the max, even though they didn't Have To. Now that money is tighter, I think we've already seen more discipline from buyers ...although it's likely because they're not looking at their purchase as a get-rich-quick scheme like before.

SEP

2007

Dan, You are so right. Buyers are just starting to look at home buying seriously again.

SEP

2007

I just started BRO in Reston in August. I had my last settlement the end of August. I have nothing on the Horizon. I've been doing what my coach suggests, reconnect letters, letter from the heart, RiverOaks postcard, newsletter etc. Unfortunately, I can't do ugly yellow signs, zoning and my broker won't allow it.

I was toying with taking clients out if they didn't have a preapproval, but you gave me the resolve to stick to my guns. I read many of your posts. They are very informative. Do you or anyone else have an idea of what more I can do to get some business.

Thanks, again.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?