There is nothing scarier than the mortgage process. If you are looking to OBTAIN A MORTGAGE, you certainly do not want to get 'TRICKED" instead of getting to enjoy the "TREAT" of getting a Loan Approval to purchase your new Dream Home in the Manchester NH area. TODAY is day 26 of my Series "The scariest Horror Stories in Real Estate."
The top 30 collection of Horror Stories
Today's feature story:
#5. Top 5 TRICKS to Avoid
when APPLYING FOR A MORTGAGE this Halloween
Each step of the buying process can said to be equal for a successful purchase. Unless you have cash though, without a mortgage there can be no purchase.
All banks will have similar interest rates, however the service they provide and the closing costs they charge can vary VERY widely.
1. DO NOT GET TRICKED INTO BUYING A HOME BLIND. Get Pre-qualified before even looking at homes. Make sure you know ahead what price range you should be shopping in, how much the require down and what the approximate closing costs are. Do not waste time and money by making offers without first being pre-qualified.
2. DO NOT GET TRICKED INTO APPLYING FOR A MORTGAGE WITH JUST ANYONE. Your best bet is to meet with a LOCAL and TRUSTED Loan Officer who will first pre-qualify you at no cost and then assist you through EACH STEP of the mortgage process. STAY AWAY from Internet lenders who may just want to collect your application fee.
3. DO NOT GET TRICKED INTO BEING UNPREPARED: You should get together your last 2 years tax returns, your last 2 pay stubs, last 3 months bank statements and a list of your income and expenses.
4. DO NOT GET TRICKED INTO NOT KNOWING WHAT TO EXPECT: A good local loan officer will pre-qualify you at no cost. When you apply for a mortgage they will look at your credit score but more importantly your whole financial picture. This includes your credit report, current income, debt and employment history. After you apply for a mortgage, turn in your financial's, the bank will order an appraisal and soon may have a commitment letter for you if everything checks out.
5. DO NOT GET TRICKED INTO CHOOSING A TYPE OF MORTGAGE THAT WONT WORK FOR THE TYPE OF HOME YOU WANT TO BUY: A good loan officer will let you know what programs you may qualify for and what the cost of each are so you can compare them. You have a choice in choosing the mortgage program that is right for you. Make sure you tell them what type of property, the location and the condition of it before making application. Mortgages such as FHA for instance, can not be used to buy a home that needs a lot of work.
IN CONCLUSION Applying for a mortgage and waiting for approval can be made a lot less stressful by following these simple tips. Being prepared and having your financial information already put together before applying will help you avoid long delays. Choosing the right loan officer will determine the amount of service and assistance you will get.
Choosing a BUYER BROKER who will stand by you, guide you and assist you through each step of the buying process can make a difference between getting through the process to approval or being left to fend for yourself and getting a rejection losing your dream home.
All Real Estate Agents are not created equal, choose one that provides the best service available. In NH that can be me. I strive to provide some of the best service available while standing by your through EACH step of the buying process.
If you live in NH, call me, I may be able to help!!!
Click here for Manchester area Homes For Sale by clicking here. what is for sale by clicking here.
WE STRIVE TO PROVIDE THE BEST POSSIBLE SERVICE THROUGHOUT EACH STEP OF THE LISTING AND SELLING PROCESS!!!
We are local agents with experience who GET RESULTS!!!
We stand by you through every step in selling your home.
It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.
- About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. With 30 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area. To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com . We are Full Time Agents ready to serve all of your Real Estate needs through each step of the buying and Selling process. We are proud to be locally owned and operated.
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