Cirila Cothran

real estate

Getting The Mortgage Advice And Help You Need

   When preparing to purchase a new home, deciding on a Bank and/or Mortgage Company can be difficult and confusing. Finance terminology, constantly changing laws and regulations, as well as understanding the fees and requirements are incredibly important for the consumer to understand in order to find the best deal. With a few key pieces of information, you can be on the right track and attain exactly the package that best suites your financial needs.
   Right away shopping banks and mortgage companies can seem overwhelming with so many options. If you are working with a Realtor , ask for a list of finance companies that they recommend. Realtors are not permitted to receive incentives from any service providers so the professionals that they recommend should be businesses that have had successful transactions over time with positive customer feedback after closing. Many people have long standing relationships with their personal banks and if this is the case than the consumer should also check with these groups for the mortgage opportunities that they have available. Friends and family are also a potential resource for recommendations. Just like shopping for anything, in order to find the best option shop around and get several quotes for your pre-approval.
    As a good starting point it is important to understand that we as Realtors will always emphasize the importance of getting a good mortgage pre-approval before starting the house hunt. Many factors can effect getting the best mortgages, so working with a Mortgage Advisor to look through all of your finances will ensure that no potential problems exist. If any issues are found then your chosen mortgage expert can assist with creating a plan to clear them up and move forward. To obtain your pre-approval any persons to be involved in the mortgage purchase will need to provide, at minimum, the past two years of tax statements, proof of income as required, legal identification, and a credit report must be obtained. Once a pre-approval is finished, a copy should be sent to you for your records and a copy will be needed by your Realtor. Completing this first step in the process will prevent broken hearts from finding the dream home and later discovering that the money isn’t available as anticipated.
    So you received your pre-approval report and are off and running. Making a final decision on the mortgage provider and package may have a variety of variables and it is very important to make sure that you are clear on all associated fees, percentages, requirements, closing cost estimates, and down payment amount. Package options can vary from government assistance programs, down payment assistance, closing cost inclusion, mortgage time length, and down payment variations. Also understand that mortgage percentage rates change daily and some programs can lock in a rate and some may vary. Make sure all of your questions are answered, write all the needed details down for each estimate, and then the consumer should have the necessary information to select the best package for their financial needs.
    Finding a high quality and customer service oriented mortgage company can make the difference in a successful real estate transaction or a stress filled nightmare. There are countless variables involved in Real Estate transactions so some due diligence and homework in the finance department can prevent a failed closing or unnecessary delays. You should feel like the Mortgage Professional your are dealing with cares about making your transaction happen. Make sure the company you are choosing responds to emails and phone calls quickly and assigns you a dedicated representative. Real Estate transactions fail all too often due to communication break downs during the time near and sometimes even at closing.

An attentive Mortgage Representative is paramount to success at the closing table!

Christopher Keiser – Broker

www.CirilaCothran.com

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