Your Tools to Securing the Best Financing
When Buying a Home Contrary to most home buyers’ practice house hunting should not be the first step when beginning the process of buying a new home. The smart and successful buyer secures the best financing possible before ever stepping foot inside a house. We have provided you 4 essential keys to insure you are financially successful when purchasing a home. Success begins by choosing a real estate broker who can meet your key financing needs. Tell any potential broker you are looking for someone who can provide these keys:
Key #1: Mortgage Pre-Approval
The first, most concrete benefit of pre-approval is the guarantee of the lowest interest rate available. After filling out a credit application you receive a certificate guaranteeing a mortgage that conforms to your specified terms. The lock-in interest rate you are given in your pre-approval can never go up even if interest rates rise, but if rates go lower than your pre-approved rate you sometimes can receive the lower rate thereby guarantying you the best rate available. Mortgage Brokers are able to attain pre-approvals for free without any obligation on your part. Pre-approvals provide you the security missing from verbal approvals given by lending institutions. On top of this, pre-approvals provide you with the confidence to find your dream home knowing you will be ready to purchase it once it is found.
Key #2: Low Financing Access
Lending institutions benefit from continued business with real estate sales professionals who conduct high volumes of real estate transactions. To insure these sales people continue to use their institution they may be willing to provide better rates for their clients. This means as a buyer you could be eligible for a lower minimum down payment or lower monthly payments allowing you to purchase a home quicker than you imagined.
Key #3: Checklist of documents
Most lending institutions work from the same documentation checklist. Be sure that your broker can provide you with a complete list of documents that you need to take for your first appointment with your loan officer. Your first trip will most likely be your last trip if you go prepared. Reputable lenders can give you a written pre-approval on the spot.
Key #4: Self-employed persons or those who have less than perfect credit
It is nerve-racking to face a loan officer and asking to be approved for a loan that is often as much as four or five times your annual salary. It is crucial that you deal with a real pro in the lending market. We can direct you to the very best loan officers in the Metro Area who are experienced in dealing with alternative financing and can obtain for you the best interest rates even is you have a few challenges to overcome. Even if your credit report looks like you hung out with Frank and Jesse James, we can direct you to a lender who can analyze your financial position and obtain the best terms in the market.