Many first timers will start searching for a home loan or a lender on the internet or in the newspaper. This way of finding a home loan can be hit or miss at best and at worst, a down right disaster. Home buyers start looking for the “best rates” and the “lowest” down payment. This can lead to trouble. What a buyer should be looking for is a “trusted advisor,” a loan professional with an excellent track record with the buyer’s best interest in mind – not an interest rate! Your real estate professional will know several reputable lenders. A good loan officer can often be found by asking other trusted professionals in related industries. If a friend, relative, or co-worker has had a great experience with a loan officer, you may want to interview their recommendation. Ask your accountant or attorney for a recommendation. Ask them to answer honestly – “who are the ‘good ones’.” “Who would you send your family member to?” The trusted loan officer is a key member of your team of home buying advisers.
SECRET REVEALED: Find a loan expert not an interest rate.
Once you have interviewed a few excellent prospective lenders, you will make an appointment to meet one of them to fill out a loan application. You may be asked to fill out a preliminary application online. The lender may also want to check your credit score ahead of time to save time when you meet. Although you may begin the process online, I recommend that you apply for a home loan in person with your selected lender. A face-to-face meeting will help prevent mistakes that could be made on an online application that could disrupt the process later on.
SECRET REVEALED: Your lender is a key professional in your home buying process – choose wisely.
As Excerpted From "Home Buying Secrets Revealed" By Kenn Renner, Copyright 2010 "All Rights Reserved" www.BuyHomeBuyingSecrets.Com - 512-423-5626 - www.BuyAustin.Com
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