What You Need to Do When Looking for a Home in this Market

Reblogger
Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Larry Bettag of Illinois has put together a succinct step by step process for those who are looking to buy a home.  What he says is important, as things continue to change in the mortgage field.

Original content by Larry Bettag NMLS ID# 158606

OK....2012 is almost through the first quarter.  Not too long til August hits and all the pre-Christmas retailers get ready for putting their displays up prior to Halloween (sick).  It's not just flying by for realtors and lenders, but RIGHT NOW.....YES....IN MAY OF 2012, it's a huge opportunity for consumers.  But there are so many consumers who are unprepared or who just don't know where to start. 

BUYERS.....here's what you need to know:

  1. Before you do anything, meet with a licensed loan officer.  Yes, that person needs to be licensed.  Check out an earlier post Let's work with someone who doesn't have a license......NOT!!!!!!Before you even meet with the individual, ask if they're licensed.  Believe it or not the Fed has said that some folks can lend you hundreds of thousands of dollars at their terms without being licensed.  Can you imagine any realtor being allowed to not have a license?
  2. Meet with the loan officer - to determine what's right for your situation.  Did you know that FHA has some monster changes for condominiums?  Did you know that both Fannie and Freddie are making some very costly changes to the way they price a ton of there loans?  How will your income and credit affect the rate that you may or may not be able to get?  I just met with a guy and he's getting his credit scores up by the end of January so that he won't be penalized under the new rules.  Right now.....TIME IS YOUR ALLY!
  3. Get your income information together.  If you're self-employed this is even more critical than for those who aren't.  But if you get bonus income, commission income, or whatever, know how the Fed is going to look at your income and that of your spouse if you're buying with one.
  4. Assets - Let's take a look at your asset situation.  Cash is not king!  If you have money we need to document it.  If it's under your mattress or in a safety deposit box, then it's no good!  But again, time is your ally!  Meet with the licensed loan officer.
  5. Get with a REAL realtor!  What does that mean?  It means get with someone who's doing this as a profession, not as a side job.  Not as someone who's moonlighting to pick up a few extra bucks.  After you meet with your licensed loan officer, have them refer you to someone who's known in your community for really working for their clients.  They have to be knowledgeable.  So many folks work with their neighbor who has a license.  That's OK if the realtor is serious about this business and has demonstrated a history of success in this business.  If not, run for the hills!

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Posted by

 

Steven CookSteven T Cook
Loan Officer, MLO-293441      

Cascade Pacific Home Loans  NMLS ID 76988
720 S 333rd St  Federal Way  WA  98003
Office 253-874-1111 | Cell 253-677-1064
Toll Free 1-800-874-8760 | fax 253-295-3901
scook@cphloans.com | www.bayeq.com

My Website

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Comments (2)

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Larry nailed it, Steven.  It's all about having the expertise, the experience, the right mindset, the education, and the credentials (license) to prove it.  And he's right ... with the Fed having already committed as best as possible to maintain interest rates, time is a positive.  But I would say that your choice of lender can be your biggest ally ...

Gene 

Mar 19, 2012 11:04 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Gene -- thank you for your comment.  You are right, having the right lender is the most important piece of the puzzle in today's marketplace.  Have a great week!

Mar 20, 2012 04:04 AM