First Time Homebuyers Checklist: Mortgage 101

First Time Home Buyer Checklist

1. Have you gone over a "personal budget" to know where you have room to save and cut costs? Do you know what you can actually afford vs. what you "qualify" for?
2. Do you know what your net worth is?
3. Do you know what your credit scores are and what they mean? Have you been shown how to maintain great credit and raise your scores up?
4. Do you know what the finance process is and what to expect within the next 30-60 days of purchasing your first home?
5. How much money will you need and how will those funds get applied?
6. What is a Pre-Approval vs. a Final Approval?
7. Do you know the details of the program you are approved for and what it means to you?
8. What happens if the company you close with goes out of business?
9. What is mortgage insurance vs. homeowners insurance and who is protected?
10. What are happening to home values and what does it mean to you?

These are just a few of the questions that I have been educating buyers with. Why are buyers just obtaining Good Faith Estimates and Rate Quotes and not being educated on the important things they should be prepared with? Because clients do not know what to ask and a lot of loan officers fail to ever bring these things up. Obtaining a mortgage has become a game of who has the lowest rate and fees, and I am here to tell you there is much, much more to it than that. If that is all you are seeking, than you may fail to gain the client services you deserve!

Just a quick story...I had a potential client email six mortgage brokers to see who could offer him the lowest rate and fees. He gave 24 hours to submit the quote and that was how he was choosing the company to represent his $320,000 asset he was purchasing! I emailed him back and told him that without speaking with you and finding more about your overall goals, how can someone just throw together quotes? There is NO one fits all program, and if there is, some people are not getting the best program they deserve to accomplish their personal goals!!

Please contact me if you would like to sit down and go through your personal mortgage checklist!