Getting Pre-Qualified

I recommend that home buyers get pre-qualified with a lender before selecting a home to purchase. This way you will have the best information about the price you have chosen.

Reasons to get pre-qualified…

·With pre-qualification, you can determine which loan program best fits your need and which program you qualify for.

·You will know exactly how much you are qualified for. It's no fun to find your ideal home and then realize that you can't afford it.

·Your monthly payment will be set. This will allow you to budget your money before making this large investment.

·It shows you what the down payment and closing costs will be.

·If you are a first-time buyer, you may be able to qualify for a special first -time buyer program which may allow you to afford more home for your money.

Shopping For A Lender

A very important part of purchasing a home is finding the right lender. Below are some characteristics you should look for when choosing a lender. Also, things to be aware of when choosing a lender.

Questions to ask while shopping for your lender…

What is his/her reputation within the community? How many loans do they close each year?

Is the company well known in the area? How long has the company been in business?

Does the lender have access to a wide variety of loan packages?

Can the interest rates be locked in and for how long?

Things to be aware of when shopping for a lender…

Quoted rates over the phone are rarely locked prices. This is one way the lender gets you to come to his office. Rates can be subjected to changes unless they are predetermined for a specific period of time.

Interest rates can change daily. A quote you get today may not be available at the same price tomorrow.

The interest rate you are quoted over the phone may not be a program that will fit your needs or situation.

Many lenders will discount their posted rates for well qualified customers.

Real Living Mortgage

Jill Richey is our Real Living Mortgage representative for the Newark/Heath Realliving Offices. If you would like to speak with Jill her office number is (740) 788-8311. Or click here to visit her web site.