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How much house can you afford?
Or do you qualify at all? The pre-approval process with a Lender is the first place to begin.
All too often I see clients who have started to search for a home for sale without consulting a Lender and they don't really know what they can afford, or if their credit is in need of repair. Whatever the case may be, getting with a qualified Lender is the first step in the process. The Lender will go over your budget, determine if there are any blemishes that may be an obstacle to getting a decent rate, and then help you clear those obstacles in the proper way.
If you are unsure if you even qualify because of some past credit hiccups, it's imperative that you speak with a Lender before doing anything to repair the damage on your own. Often times the very actions that seem intuitive and logical, will end up further damaging your credit score.
Using a Mortgage Banker versus a Mortgage Broker
Due to the recent upheaval in the Sub Prime industry, some major changes and restrictions have been placed upon those in the Lending industry...particularly on the Mortgage Broker side of the coin. It used to be that the advantage of using a Mortgage Broker was that they could shop your rate and had access to hundreds of programs, whereas a bank would be encouraged only to use their in-house programs. The disadvantage was that anyone could be a Mortgage Broker, including that person who was selling you shoes the day before. That is no longer the case.
Fortunately now, all Mortgage Brokers must take classes and become licensed, much like a Real Estate Agent. And while it's still true, Mortgage Brokers can shop loan programs for the best rate, they often times charge a heftier up-front fee for doing so, they don't have direct contact with the processors—thus, not able to be the best advocate for their clients, and the loans often take longer to close, and there is less control over the process. By comparison, the advantage of using a Mortgage Banker is that they can still shop for the best rates, they aren't limited to their own programs, they often have in-house access to the processors and underwriters, and can personally answer concerns for you. Last but not least—they can close a loan in a very short time—sometimes as quickly as seven days!
Whatever your choice, be sure to get started with a professional before you get too deep into the process. Contact me today and I'll be sure to point you in the right direction!
Some helpful financial links:
WA Home Ownership Center
American Dream Down Payment Initiative
Or do you qualify at all? The pre-approval process with a Lender is the first place to begin.
All too often I see clients who have started to search for a home for sale without consulting a Lender and they don't really know what they can afford, or if their credit is in need of repair. Whatever the case may be, getting with a qualified Lender is the first step in the process. The Lender will go over your budget, determine if there are any blemishes that may be an obstacle to getting a decent rate, and then help you clear those obstacles in the proper way.
If you are unsure if you even qualify because of some past credit hiccups, it's imperative that you speak with a Lender before doing anything to repair the damage on your own. Often times the very actions that seem intuitive and logical, will end up further damaging your credit score.
Using a Mortgage Banker versus a Mortgage Broker
Due to the recent upheaval in the Sub Prime industry, some major changes and restrictions have been placed upon those in the Lending industry...particularly on the Mortgage Broker side of the coin. It used to be that the advantage of using a Mortgage Broker was that they could shop your rate and had access to hundreds of programs, whereas a bank would be encouraged only to use their in-house programs. The disadvantage was that anyone could be a Mortgage Broker, including that person who was selling you shoes the day before. That is no longer the case.
Fortunately now, all Mortgage Brokers must take classes and become licensed, much like a Real Estate Agent. And while it's still true, Mortgage Brokers can shop loan programs for the best rate, they often times charge a heftier up-front fee for doing so, they don't have direct contact with the processors—thus, not able to be the best advocate for their clients, and the loans often take longer to close, and there is less control over the process. By comparison, the advantage of using a Mortgage Banker is that they can still shop for the best rates, they aren't limited to their own programs, they often have in-house access to the processors and underwriters, and can personally answer concerns for you. Last but not least—they can close a loan in a very short time—sometimes as quickly as seven days!
Whatever your choice, be sure to get started with a professional before you get too deep into the process. Contact me today and I'll be sure to point you in the right direction!
Some helpful financial links:
WA Home Ownership Center
American Dream Down Payment Initiative
