Now that you have created a relationship with an agent (hopefully us), the next step is to choose a lender. Why is the next step to find your lender important?
Your lender will be able to let you know if you can qualify for a loan. If you do not qualify, there is no sense in continuing this process until you do qualify. If you do qualify, you and your lender will work out a plan to get you the best possible loan. The loan amount determines what price range you should be looking at. There is no sense in looking at properties until you have established what loan program you are going to use. Not only will it avoid the heartbreak of falling in love with a home out of your price range, but it will save your time and your agent’s time.
*IMPORTANT* When you qualify for a loan, your lender sends you a letter of pre-qualification. This letter makes you a stronger buyer in the seller’s mind as it says “you’ve done your work and are a serious buyer.” Some seller’s will not even consider an offer without this letter. Also, finding a lender, get pre-qualified and receiving the pre-qual letter takes time. If you find your home first, then take the time to go through this process, you might miss out on your perfect home.
We strongly believe that this step is a must before looking at any properties. As your agents, will can assist in finding the right lender for you. We can refer some highly qualified lenders to you as well.
Here are some things to consider when choosing your lender…
*Find a lender that is a reliable communicator.
*Find a lender that makes you feel comfortable.
*Don’t hesitate to ask lots of questions, DUMB questions, over and over again.
*Learn your options (Fixed Rate, ARM, 3-2-1 Buy Down, Special Assistance).
*Shop the rates (different loan options have different rates).
*Find out the lender’s costs up front and negotiate.
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