I need a mortgage. What next? Who do I talk to?
Once you have made the decision to buy a home the next step is speaking with a mortgage professional. Prior to interviewing real estate agents about homes for sale finding out the type of loan program that best suits your needs and the dollar amount you are pre-approved for is extremely important.
The type of loan you are approved for can make a huge difference in how much your closing costs are, monthly payments and even what closing costs you can pay for yourself. Knowing your budget before shopping is critical to a successful buying experience. Unless you have a money tree in the backyard (still searching for my own) everyone has a limit to what they feel comfortable spending.
Mortgage broker or bank? I’m preferential to mortgage brokers since they offer an array of loan products from several different banks. This is a great way to see what options are available to you based on credit history and income. Mortgage brokers also work on commission only so they are motivated to see you through to closing. Banks have their own benefits, especially if you have been a long time customer, have accounts at a credit union or small community bank. Loan programs are usually limited compared to a mortgage broker.
Once you know what type of loan and how much you can spend now it’s time to find a real estate professional and go shopping!
Whether you need a VA, FHA, FHA203k, USDA or conventional mortgage we work with several excellent loan professionals in the area. If you would like their information feel free to call or email us for details.