Getting a mortgage can be intimidating especially for First-time Home Buyers but it doesn’t need to be if you’re prepared. In my last article, I gave you a “Needs List” which should help you start your loan process. So, you may be thinking- “How do I go about finding a lender”? Well you might think to search on the world wide web and that’s a reasonable place to start but probably not ideal. Just like using a local Realtor, using a local Lender will help you tremendously not the least of which because you can have face-to-face meetings.
It’s so important to have a great working relationship with your Lender and your Realtor, after all, you’re about to make one of the biggest investments of your life so far. In many respects, you are creating a team to support you throughout the real estate transaction and you want team members that have your best interests at heart. It’s also important to know that a local Lender will have the inside track on the local real estate market as well as local taxes such as Mello-Roos. This is a tax designated in specific communities established by local governments in California as a means of obtaining additional public funding. Online or Web-Based mortgage companies may not be aware of these local taxes and it can have a dramatic effect on qualifying you for a loan… or not.
No two lenders are the same. They all have the standard loans in their portfolio but, they may have additional programs that are “In-House” or that required qualification before being able to offer them to their clients. Finally, don’t think you can’t ask your real estate professional for recommendations. Your Realtor has been working with Lenders their entire career and most if not all, will be locally based. Your Realtor can tell you a great deal about each lender’s reliability, customer service, and other qualities.
If you’re ready to find out more now, you’re welcome to contact me by, phone, text or email.