Finding the right lender can make the home buying process much easier. But how do you know they are the right lender?
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Finding the right lender is extremely important when you are in the market to purchase a new home. I work with buyers every day and have seen some hardships and stories that could have been avoided. So today I’d like to share a few points to help you have the best experience possible when you are ready to buy.
1. Find a lender who is willing to communicate. Lenders need to communicate with your Realtor because collaboration is essential to having a successful transaction.
2. Define the details upfront. Lenders must tell you what documents you need as soon as possible. Without the necessary documents, you cannot be pre-approved. And in today’s market, you need to have the underwriting process behind you, or at least be conditionally approved, in order to submit your strongest possible offer.
3. Have your lender clearly define associated fees. This will allow you to compare rates before making important decisions. Our team makes charts for our buyers, so they can easily see what our fees look like compared to our competitors’ fees. This way, they don’t have to speculate upon whether they’re getting the best rate.
In today’s market, you need to have the underwriting process behind you, or
at least be conditionally approved, before submitting an offer.
4. Think through your purchasing power. You must be comfortable with the loan amount and your future payment. Your lender should be able to give you a good idea of what your payment will look like. This payment will include principal, interest, taxes, and insurance, as well as any HOA dues. You do not want to get to the middle of the loan process and realize you will be paying too much.
5. Be open and honest with the lender. Tell them all the facts. If you are hiding something, you could jeopardize the entire deal.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to speaking with you soon.