Real Estate Blog - If I were Your Real Estate Agent and You were my Buyer... North Georgia Blue Ridge Mountains

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If I were Your Real Estate Agent and You were my Buyer... North Georgia Blue Ridge Mountains

I would treat your transaction as if it were my own, so when it comes to obtaining a mortgage, I would tell you to:

Scrutinize your credit report
Clean up any discrepancies
Be prepared to explain to creditors any negative hits
Obtain letters from past creditors that clear any negative hits
Supply these letters to the three major credit bureaus to either have the discrepancy removed or have the letter attached as further documentation
Credit Bureau: Equifax, Experian, TransUnion

Shop 'til you drop for the right mortgage

Mortgage brokers
Mortgage lenders
Banks
Credit unions
Look up any terms you do not understand Mortgage Glossary

Understand ALL $$$ costs associated with your loan

Broker fees
Origination fees
Underwriting fees
Administrative Costs
Mortgage payment
Mortgage insurance (PMI)
Interest rate (Annual Percentage Rate APR)
Yield Spread Premiums
Commissions
Escrow
Closing Costs
Be sure every single fee is explained and that you understand what, why and how much they cost
Use the FDIC's (Federal Deposit Insurance Corporation)
Mortgage Shopping Worksheet

Understand the terms of your loan

How much down payment is required
Term of the loan
Fixed Rate (FRM) vs. Adjustable Rate Mortgage (ARM)
ARMs - Ask What, When and How
What is the starting rate and What is the ceiling
When and How will adjustments happen
How much will an adjustment cost
Negotiate the fees of your loan
Make sure the lender hasn't reduced one fee and raised another
Lock in when you are satisfied with your loan rate and terms
Try to lock in other fees as well
Request a written lock-in letter from your lender
Request a written loan commitment that guarantees the terms you have locked into. This carries a tremendous amount of weight with a home seller.
Understand and know the expiration of your lock in and what happens when it expires.

If I were your Real Estate Agent and you were my Buyer - I would tell you to contact me with questions and ask me for referrals of competitive and reputable mortgage lenders.

I welcome the opportunity to be your Real Estate Agent: Please read more about Buyer Representation.

Donna Yates, Georgia Realtor
North Georgia Blue Ridge Mountains
Mountain Investments of North Georgia
706-633-0644 cell
donna@ellijay.com
www.move2northgeorgia.net

Updated 1-27-08 to add the three major credit bureaus

Posted by Donna Yates, Georgia Realtor Georgia Real Estate,Blue Ridge Mountains on 01/24/2008 11:40 AM

Comments (20)

georgia real estate, north georgia blue ridge mountains, home buyers, rates, buyer representation, donna yates, real estate agent, mortgages

Originally posted at: North Georgia Blue Ridge Mountains Real Estate Blog, Donna Yates, Realtor: If I were Your Real Estate Agent and You were my Buyer... North Georgia Blue Ridge Mountains

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20 Comments on If I were Your Real Estate Agent and You were my Buyer... North Georgia Blue Ridge Mountains

JAN

2008

Great post and advice, a real keeper....is that to the tune of "if I were a carpenter and you were my lady"????

Great post Donna! I love the way you incorporated all the clip art and pictures into it!

Cute:) The tune running through my head when I was reading this was "If I was your woman and you were my man", lol! (I used to love the Carpenter/lady song though, many years ago:)

Nic post today....thanks,

Patricia Aulson/Hampton NH Real Estate www.patricia4realestate.com

Very nice spin on giving some great advice. And very well presented too. Good post.

Ok, I want that kitty... that's just way too cute...

David: You guessed it - I had that tune in my head all day long which prompted the title for this post! I guess I should have mentioned it in the post. I started too and then didn't. I appreciate your comment very much.

Mary: The cat and the cartoon dollar are my favorites. I try not to overuse them but the cat is just too adorable! Thank you so much for your comment.

Karen: I don't know why that tune kept running through my mind today but that's what prompted the title of this post. Don't you just hate it when you can't get a tune out of your head but in this case, it inspired me to write this post, so I'm glad for that. Thank you for your comment.

Patricia: Thank you for stopping by and leaving a comment. I appreciate it.

Derrick: Thank you for your comment. Writing this post actually helps me when I go to do some refinancing before too long. I really like the FDIC's worksheet.

Robert; The cat is a winner for sure! The picture alone says it all doesn't it? Thank you for your comment.

Hi Donna - what a great post for buyers, and with that great advice, they'd do very well to work with you. I love that graphic, too!!

Ann

JAN

2008

Ann: Thank you for your comment. This has actually been helpful to me too. I really like the FDIC's worksheet.

Donna, the FDIC worksheet is convenient and the FDIC link provides a wealth of information. Thanks for the link.

JAN

2008

Donna, that's a great way to set yourself apart from the others! I loved all the images and detail about your services.

I love this, Donna. Excellent information for buyers and wonderful graphics.

Derrick: I'm glad you found that link useful. I know it was very helpful to me as well. Thank you for your comment.

Ray: Thank you for your comment. I actually learned a few things from writing this post. The kitty is my favorite and I use it whenever I can. It's one of those pictures that say it all without having to say anything. LOL

Margaret: I appreciate you stopping by and thank you so much for your comment.

JAN

2008

Hey Donna- this was a great post, very nicely presented, and great graphics....Great Job!

Hi Donna!

Great fact sheet for how to pick a broker. I use something like that with every client I meet.

Happy Selling

Tony

Alecia: Thank you for your comment, I very much appreciate your thoughts.

Tony: This has become an important tool in my toolbox. Thank you for your comment.

JAN

2008

Donna,
I don't think you left out anything, that might be the most comprehensive and best list I've ever seen.

JAN

2008

Cynthia; Thank you very much for you nice comment.

FEB

2008

Excellent post that does a premier job of laying it out for buyers. You could print this and use it as a hand out to new home buyers.

FEB

2008

Judi: Your comment is greatly appreciated. Thank you.

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