Almost all first home buyers will acquire a mortgage loan to help them purchase their new property. A few first home buyers will purchase with all cash, and no mortgage financing. But in high-cost areas like the California coast, it’s usually necessary to get a mortgage loan.
Referral from your REALTOR®
Now we are going to interview mortgage lenders to find a great professional who can help you get qualified to purchase your new home. You are going to ask your real estate agent whom she would refer to you. That is always the best place to start. Why? Your REALTOR® serves many first-time homebuyers and works closely with top lenders who are experienced in serving families like yours. She can refer to lenders who have low down payment programs, and help you get down payment assistance, or affordable closing costs.
Recommended by friends, family, or co-workers
Also, ask your friends, family, and co-workers whom they recommend as a good mortgage lender. They may have had a recent experience with a lender they like. Ask around. Word of mouth is the best type of recommendation possible. I suggest that you find and research 5 lenders.
Set an appointment and interview 3 lenders
Once you have found 5 lenders, narrow it down to 3 whom you want to interview. It will be easy to eliminate two from your list of 5 – they will be the ones who never call you back! I like to review business people on www.Linkedin.com to find out about their professional background. It is a great way to find out about their experience and to read recommendations about that person.
Make an appointment to go into the lender’s office and meet for about 1 hour. Be sure it is a time when you and your spouse will be available. If you are not married and someone else is signing on the loan with you, the co-signer should meet with the lender also.
Select one lender to serve you
After you have interviewed 3 lenders, talk with your spouse or the co-signer on your loan, and decide which lender to hire. Select 1 mortgage lender to serve you. Keep your second choice lender as a back up, a “Plan B” in case the first one does not work out. Then, call your favorite lender and congratulate him! Ask him when you can meet with him to get qualified for your loan.
Read more in our book, "Buy Your First Home", http://tinyurl.com/nrvmgc7.
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