I'll be posting a series of top ten tips for successfully buying real estate in the next ten days with one new tip each day. So you'll want to check back each day or follow my blog so you don't miss any!!
I want to start with number 8 today because many of you are educated and know that before you start looking at homes you have to arm yourself with a prequalifcation letter. The buyers I've been working with lately have started to do their homework by shopping rates and loan programs plus looking into rate locks with rates as good as they are now.
Tip #8: Develop A Mortgage Shopping Chart
One of the biggest decisions to make before putting a contract on a home is how to finance the purchase. There are 10,000 lenders competing for your mortgage business. The days of simply walking into the community bank and negotiating with the loan department manager are over. Today, you can apply for a loan over the Internet or even use a mortgage broker to shop for your loan with hundreds of lenders. When choosing a lender, you want to avoid apples to oranges contrasts by comparing fixed rates to fixed rates, not fixed to ARM's or adjustable rate mortgages. Create a chart that lists different types of loans, fees, and at least five mortgage providers (including a mortgage broker). In many cases, a mortgage broker will be able to secure for you the best loan.
If you would like a referral to a reputable mortgage lender please don't hesitate to reach me! Till tomorrow for the next tip..
Great Information, and well worth reading.
ReplyDeleteThanks!! I'll be back to see more.