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Confer with a mortgage broker

Confer with a mortgage broker before home shoppingBy Peggy DeVilbissTalking with a mortgage broker early in the home-shopping process is beneficial to your securing the best loan possible. The broker reviews your credit, income, employment and assets to determine acceptability to a lender. If additional information or paperwork is necessary, then having extra time can be crucial to the mortgage broker in getting the ideal program at the lowest interest rate for you.Your credit report is pulled first thing as it is very important for you and the mortgage broker to know your credit scores, and to learn if any problems or errors show up on the report. Sometimes a buyer thinks his credit is good, and then is surprised by old or incorrect information on the report. Or, a buyer thinks his credit is bad, when in fact, the problems have aged and the scores are quite good. A person with bad credit will learn what steps need to be taken to improve his credit rating and get positioned to purchase a home sooner than expected.The goal of the mortgage broker is to present a strong loan application package to the lender to get loan approval for the borrower. The more time a broker has to evaluate, compile, process and correct the necessary information, the better the chances are of getting approval for the best programs and rates. And of course, a lower interest rate means a lower monthly payment and greater savings for you.It is also beneficial for you to talk with a mortgage broker prior to contacting a seller or Realtor. They like a buyer to be prequalified by a mortgage broker before they put a property under contract. They want to know that the buyer is serious about purchasing a home, and has reasonable assurance of securing a mortgage loan. Thus, a prequalified buyer gets quicker service than buyers who are “just looking,” don’t know what house price they can afford, and don’t know if they can get a loan.So, if you are even thinking about purchasing a home, call a mortgage broker today.It is the first and best step you can take to confidently purchase a home, armed with knowledge of the process. And it just might save you a bunch of money!It is the first and best step you can take to confidently purchase a home, armed with knowledge of the process. And it just might save you a bunch of money!


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