When securing financing for the purchase of your home it is critical to seek the advice of a mortgage lender who is knowledgeable, it is equally important to find one who LISTENS to your NEEDS & WANTS.
In today’s article I will be covering the 5 things you should know before calling your mortgage lender for a pre-approval;
1) What Type of Property?
Determining whether you are purchasing a Single Family, Condo/Townhouse or Multi-Family is important to your mortgage lender as program guidelines differ from one property type to the next.
Location is critical because there are some programs that have geographic restrictions.
3) Purchase Price Range?
Knowing your price point, or how much home you wish to purchase is key. Spend some time reviewing some properties that meet your needs & wants online to get an idea of what you need to spend to get what you require.
4) YOUR Budget?
Without question, the MOST IMPORTANT factor when buying your home is knowing how much you can comfortably afford without sacrificing your ability to save and continue to enjoy your lifestyle.
5) Funds Towards Transaction?
“Skin in the Game” as I often call it, is always encouraged. In most cases there are expenses outside of just your down payment (if applicable), furthermore, the more you put down, the better the loan program options and terms of your financing.
Having a good understanding of your goals and objectives before you begin securing financing for your home is a vital part of ensuring that you have a successful home buying experience. Having a lender who is capable of listening to what those goals are is something you deserve and should seek when building YOUR TEAM. Simply put, if they cannot listen and understand what you want how will they ever be able to exceed your expectations?
Take a minute to check out our latest video on this subject on YouTube @ Key To The Dream Realty!
In closing, purchasing real estate whether it is your first or fifth time is a transaction that you should enter into with eyes wide open and choosing the right professionals to assist you in this journey is paramount. I have been blessed in my career to surround myself with whom I consider the very best at their prospective role and welcome you to contact me and my team to help Guide You Home.
Content submitted by;
John Faria 508 762 7873
Sr. Mortgage Advisor, NMLS #397424
Province Mortgage Associates, Inc., NMLS #2861