Whether you are buying a home OR selling your home; the lender is VITAL to the success of your transaction. I can’t stress enough how important it is that you work with a reputable lender that has a proven track record of on time closings. Your Realtor should have several lenders they can refer you too.
I have a wonderful team of lenders that I work with. I have hand selected local lenders that have years of experience and an excellent reputation. They are committed to providing my customers with superior customer service. More importantly providing you with reliable financial advice.
My goal is to always guide you in the right direction; to find the perfect home at a price you are comfortable with. Therefore, I want a lender who supports that same ideology.
Determining your buying power is key to ensuring you are looking at the right homes. There are so many variables to consider when you purchase. A mortgage payment is not just principal and interest. Your down payment will determine if you have mortgage insurance, HOA fees play a big factor, property taxes and home owner’s insurance are other major contributors. The type of home you are looking at makes a difference too; whether it’s a single family, town home or condo. Because there are different loan products and requirements for each of these.
Before you even start looking at homes you need to get pre-approved. And never has this been more important. On October 3, 2015 there were MAJOR changes implemented by the Consumer Financial Protection Bureau (also known as CFPB). These changes (referred to as TRID) were enacted to protect home buyer’s against lenders who weren’t doing all that they should. These changes made buyer pre-approvals more necessary than ever before!
It all boils down to this…you are getting ready to make a major life decision. You need to equip yourself with as much information as you can. Knowing and understanding the financial obligations you are committing to for the next 30 years will determine your success.
You’re probably thinking…why do I need to worry about the lender my buyer is working with? Because you want to sell your home and close on it! Before you ever accept an offer your Realtor should interview the lender. I have a detailed list of questions that I ask every lender on behalf of my sellers. Their participation in answering these questions is key to feeling comfortable with their abilities. It’s never a guarantee but it provides one extra layer of protection for my sellers. Again, taking proactive measures is what ensures a successful closing.
Please be sure to read My Blog to get additional advice.