Contact a Mortgage Broker.
It is important that this be the first step because a good mortgage broker will go over your employment and income history and your credit to help determine what price range you qualify for. It is important to be truthful with your mortgage broker and provide all the information they need in a timely manner to speed the process along.
Many people wonder why they can't start looking for a house and THEN call the mortgage broker. There are a few reasons:
- Your mortgage broker helps determine the price range and payment that you are comfortable paying and you can reasonably qualify for. There is no point starting the home search process until you know that information. Wouldn't it be terrible to search and fall in love with a $300,000 home only to learn that you can't afford more than $225,000?
- Your mortgage broker can also give you information about things you can do to make your credit more attractive to the bank.
- Your mortgage broker can determine whether you can purchase a home in the current credit climate.
- They may also have information about special programs that you can qualify for.
- If you have a pre-approval or pre-qualification letter from a reputable lender it makes for a stronger offer when you find the house you want to buy.
It is important that you are comfortable with the mortgage broker that you choose. This person needs to be someone who is responsive and patient with your questions and who keeps in touch with you throughout the process. Ask friends and family or your trusted real estate agent for referrals.
The home buying process can be very stressful and it is critical that you surround yourself with professionals who can help make this process as easy as possible.
It's ok to change mortgage brokers if you are not satisfied with your current broker.
If you are ready to begin the home buying process give me a call. I will be happy to provide referrals for good mortgage brokers in your area.
If you are interested in offering a FREE home buying seminar for your local group, give me a call, 240-481-3565.