Mortgage: Buying A Home, Shop Around!

I want to start by saying I am not a mortgage lender nor an expert in mortgage lending this blog today is just about encouraging you to do your homework on financing a home.

In life we shop around for the best deals on EVERYTHING, but for some reason we don't have a tendency to do that when it comes to home loans.  All of us no matter where we live have great local lenders.  Scrutinize the person selling you the loan, ask yourself if you get a good feeling when talking to that person.  If not, move on to the next lender.  There are lots of lenders out there and they want your business. 

Where or how to start:
          First, know what you can afford?

• Ask your real estate agent or friends about local lenders, go to each one and discuss your "needs".
• Review your current lending relationship and inquire about a home loan from your bank that issues your credit card or car loan.  You are in good standing and have demonstrated ability to pay as agreed which may entice them to offer you a competitive deal.
• Obtain a good faith estimate from each lender this will allow you to compare the cost for obtaining a loan, as well as, the interest rate you will be charged.
• Research the internet there is lots of valuable information online.
• Study your choices and always ask question?

Once you have your research behind you and are considering the purchase of a home and have your  financial institute decision made you should not do anything that will have an adverse effect on your loan. The key is to call the person at your lender's office and discuss any financial changes even the seemingly most logically beneficial moves can backfire and cost you thousands of dollars or even your ability to obtain financing at all. To have your pre‐approval or loan commitment remain valid please pay attention to some mortgage do's :

• Do stay current on existing accounts.
• Do continue to use your credit as you normally would.
• Do notify your loan specialist if you have any changes in : salary, address changes from original application, or if you move funds from 1 account to another.

Some Mortgage don'ts:

• Don't acquire any additional credit lines or make any large purchases on existing credit.
• Don't change jobs without consulting your loan officer.
• Don't co-sign with anyone to obtain a line of credit.

Communication is the key! 

This should be one the most exciting times! Educate yourself, ask questions and most of all enjoy the new transition into a great "new" home for your family!

If I can ever assist you in any manner please feel free to contact me.

Donna Mack,Realtor®
Keller Williams Emerald Coast
850-313-2061
www.flcoasthomes.com

Resources:

Mortgage Daily News 
Mortgage Network
FDCI
Mortgage 1
PrimeLending

Blog disclaimer: 

This is a personal weblog. The opinions expressed here represent my own and not those of my employer. All data and information is for informational purposes only. Donna Mack does not make any representations for completeness, or validity of any information and will not be liable for any errors or omissions or delays in information.