Buying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place, and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be.
A good place to start is with your local lender. They will get you pre-qualified and you will know what your house payment will be and how much you can afford. I strongly encourage using a local lender. Someone that knows the local market and can stop by to pick up documents that might be needed to get loan funded.
A lot of people are using internet based banks because their easy and their quotes are usually cheap. I can’t tell you how many times these cheap easy internet lenders mess up. It makes for a very frustrating purchase. You think you are going to move in at the end of the month. You line up the movers and give notice at the current house you are renting. Then the lender calls at the last minute and says “we can’t do the loan or they can do the loan but the interest rate will be higher. Being internet based you can’t drive over to the office and give them your most recent pay stubs or what ever other documents they may need.
What Lender do I use?
You can avoid all of this frustration by using a good local lender recommended by your real estate agent. You need to understand that the agent does this every day. They have seen the track record of a lot of different lenders. The Agent wants to make sure your lender can perform so we can all get the house closed in a timely manner. The Lender will get you pre-qualified and you will know what your house payment will be and how much you can afford. Remember, if you have any questions about the process, we’re only a phone call or email away.