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The mortgage process can be confusing. So, when is the best time
to start the mortgage process? The best time to start is before
you begin looking your new home.
Get Pre-Approved: Get pre-approved for your loan.
This will put you in a stronger buying position, as you already
know that you have a loan and the exact amount for which you
have been approved. Being pre-qualified is not enough.
Pre-qualified means that the lender has reviewed your
application, but not verified the information. If you are
pre-approved, the lender has verified all information you have
supplied, and the only additional information they need is the
purchase agreement and an appraisal. When you are pre-approved,
it is as good as having the cash in your hand. Many sellers,
although eager to sell their home, may not wait for your loan
approval. If another buyer comes through with the same
qualifications as you possess, but has been pre-approved, you
may lose the house. Even eager sellers may not want to wait for
your money to arrive.
Get a Referral: Years ago, you would meet with
your personal banker and paid whatever costs and rates they
charged. However, things are much different today! There are a
wide variety of options and lenders. Speak with your friends,
family and neighbors to learn about their lenders. As a real
estate professional, I am familiar with lenders who are able to
serve you. Contact me at any time and I would be happy to
provide you with a referral to a reliable lender.
How do you know if their charges are fair? It is
difficult to know exactly what each lender will charge you. Many
times there will be charges hidden in application and
underwriting fees that will cost you money. Make sure that you
ask your lender to thoroughly explain each and every fee you
will be assessed, so that you have a clear understanding of the
mortgage costs.
Utilizing the above suggestions should help start you on your
way to obtaining a mortgage. Contact me at any time and I will
be happy to put you in touch with a reliable professional.
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