The loan process should be your first step when considering the purchase of a home. A lender can help you with problems that may crop up befor you find your dream home, this will help you decide what price range you can begin your search for a new home.
I can not tell you the disappointment of
having to move down a few notches, at that point
everything else will not compare and you will surely
feel a huge amount of disappointment, I will too at
this point because I will realize that my chances of
finding you a home that you will be happy with a slim.
A Pre-Aprroval is quite a bit different than being
pre-qualified. Anyone can be pre-qualified, but Pre-
Approval is an approval on your loan in advance, with
credit issues and income questions for the self employed
resolved! A Pre-Approval will help you get the attention
of the seller and give you more leverage in the negotiating
process. This can save you money that can be used to decorate
your new home to your taste.
The difference between a mortgage broker
and a mortgage banker
A mortgage broker represents
a number of lenders and offer
and offer these lender's
products through a wholesale arrangement.
The lender will compensate the broker when
they deliver a loan to them.
This amount is usually 1% of the loan amount.
I prefer mortgage brokers because they usually
can get my clients a lower interest rate.
This saves quite a bit of money over
a 30 year mortgage.
Multi-lender brokers on the internet can be the most
competitive source for mortgage loans available today.
Mortgage bankers are direct lenders such as banks and mortgage bankers. Many times banks will not be as competetive on the interest rate, but will offer quick approvals and lower closing costs. They are usually more flexible underwriting loans which means an easier approval.
