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How to Secure the Best Loan for You

 

For most of us, shopping for a new home also means shopping for a home mortgage. In both exercises, you'll want to be a smart shopper. By working together, we can find a house you'll love. And while it's not likely that you'll actually love your new mortgage, here are 6 secrets to make sure your financing needs get met and the lender you choose is a good match.

1. Mortgage Pre-Approval
A no-cost, no-obligation pre-approval before you start house hunting can save you big-time. The seller knows you're a legitimate buyer and may favor your purchase offer over another. Find a lender who offers pre-approval. That's not the same as instant approval, which is often an approval loaded with qualifications. Nor is it a "how much can I afford" prequalification estimate, which doesn't give you the same bargaining clout.

2. Quick Loan Processing
Some lenders offer actual mortgage approval in just 5 to 7 days, and electronic underwriting is sometimes even faster. Ask about it. This quick turnaround could get you to settlement sooner, which may make you the most attractive potential buyer to the seller. It also means less time in temporary housing. 

3. Flexible Underwriting Guidelines
Some lenders count the earnings of a spouse who doesn't yet have a job in the new location but has at least a two-year work history. That kind of flexibility may make you eligible to purchase the home you want. 

4. Variety of Mortgage Products
Perhaps you'll do best with a short-term mortgage or an adjustable-rate loan or two-step plan. Find a lender who offers a selection of mortgages and even unique mortgage products that suit your situation best. 

5. Rate-Lock Options
Find out what rate-lock options are available from the lender. The shorter the lock time—meaning the less time between when you agree on a mortgage rate and when you actually go to settlement—the lower the interest rate you'll have to pay. 

6. Negotiable Lender Fees
Go to a lender whose fees are reasonable. Question extra charges, such as "commitment fee" or "underwriting fee" or "processing fee." Mortgage lending is competitive and lenders often negotiate fees to get your business.

We can work together to find the house that's right for you. And we can talk about how to make sure the loan is right, too. Please give us a call or send us an email.

 
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Dan The Real Estate Man
Dan The Real Estate Man
REALTORĀ®
(562) 618-4993
DanSellsRealEstate@gMail.Com
Century 21 Classic Estates
13217 South St.
Cerritos, CA 90703
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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