Home Finance – It’s Time to Buy!!The Federal Reserve has lowered interest rates by a half point. That means that you’re in luck! This Month I will focus on what to do once you’ve made a decision to go move forward with your mortgage professional or bank.
If you remember anything from this article, please make sure it’s CUSTOMER SERVICE! This is what will separate your really great mortgage professional or bank from just everyone else out there trying to make a quick buck. It’s always the small things that matter. Pay attention to how well and how often your mortgage professional or bank calls to keep you informed on your loan progress.
If you are ever quoted rates, mortgage payment, or type of loan just by having a casual first conversation with your mortgage professional or bank, then question how someone could give you all of this custom tailored information without taking the time to thoroughly take the loan application and gather all of the necessary information from you. You have the decision power in this process, not the mortgage professional or bank.
Your loan process starts by making an appointment with your mortgage professional or bank and filling out that very important loan application. You will also be asked to provide very important information, such as last two years income (W2 or Taxes if self employed), last two pay stubs, Proof of citizenship, Proof of ID etc… You’re practically giving up all of your private information to qualify for that loan.
Once your application is taken and your mortgage professional or bank understands your current financial profile and needs, your credit profile is requested and reviewed to determine your eligibility for either your requested loan type or the loan type that you would qualify for based on your complete financial profile.
After your mortgage professional or bank determines what loan type you qualify for, then you may be presented with one or many choices of loans to fit your requested needs or other loan options based on your financial situation.
Making a decision on how to move forward with the recommended loan options should happen once you thoroughly understand the “Pros” and “Cons” of each loan option. This is where your mortgage professional or bank begins to earn your business.
I will continue with the Finance process and begin the next article explaining what happens once you’ve made the decision to move forward with one of your presented loan options, but remember…This is the time to buy!
My team of professionals and Real Estate partners can assist you or answer any questions that you have regarding home purchase, refinance or foreclosure. We are well versed in all aspects of these topics and we’re local.