Which Loan is for Me?

In recent weeks, a new client of mine asked this question. “I know you know about real estate, but what loan should I choose?” My loan officer said I can choose from either Conventional or FHA. Yes, I do know real estate real estate in the metro Atlanta area. It is an advantage to work with someone who knows the general differences of loan programs. Of course, the loan officer you are working with is the greatest source of knowledge.

In fact let’s review a few of the great practical benefits the loan officer will provide:

1.    The ability to review your credit reports with your permission and explain it to you.

2.    Know how to interpret your loan application and determine what loan programs you are best suited to obtain.

3.    Provide written explanation of the different programs and what each loan program would mean to you financially (or in dollars and cents). This document is referred to as a Good Faith Estimate or the HUD-GFE.

Don’t know any loan officers or mortgage companies to call? Contact your local real estate professional and have them provide a list of options of mortgage professionals for you to choose from or interview along with others of your choice.

Regardless, of the loan program that you choose ultimately as a real estate professional I would recommend this to every client. If you are going to get a mortgage to purchase a home in the metro Atlanta area:

1.    Make sure the loan program that you accept fits well within your financial means AND to make sure to have a cash reserve on hand in the event of unexpected financial trama.

2.    Make sure the loan program meets your financial goal. For example, do you want a lower monthly payment or a lower down payment?

Obtaining a mortgage responsibly is the key to enjoying your home.

Visit my web site for insight on how I assist buyers purchase the right home for them in the Atlanta metropolitan area real estate market at www.MetroATLRealEstate.com. Or call me at (678)523-1621. I focus on Alpharetta, Atlanta, College Park, Douglasville, Dunwoody, East Point, Fairburn, Fayetteville, Hiram, Marietta, Peachtree City, Powder Springs, Roswell, Sandy Springs, Smyrna and Union City.