A mortgage broker manages the process for you by applying for loans with different lenders, finding competitive interest rates and negotiating loan terms. You’ve narrowed down the search to find your dream home, and now you’re on the hunt for the best structured mortgage broker to put those keys in your hand.
Get Your Credit Score In Shape
Not everyone can qualify to buy a home; you have to meet certain credit and income criteria to assure mortgage companies you can repay the loan.
A low credit score signals that lending to you is risky, which means a higher interest rate on your home loan. The higher your credit score and the more on-time payments you make, the more power you’ll have to negotiate for better rates with potentially the best structured mortgage brokers. Generally, if you have a score under 580, you’ll have a tough time qualifying for most types of mortgages.
Get Pre Approved
Getting a mortgage preapproval letter before you start looking at houses will give you an edge when bidding against other buyers. The letter shows the seller that you’re a serious buyer whose loan is likely to close. It’s evidence that a lender has evaluated your finances and figured out how much you can afford to borrow, and therefore how much house you can afford.
Getting preapproved now will also save time later. When you’re ready to make an offer on a home, lenders will already have the information they need to process your home loan.
Most structured mortgage brokers will require an “earnest money” deposit to start the loan process. Ask the lender to specify under what circumstances the earnest money cannot be returned, and if the answer is vague, keep shopping around.
Always examine the fine print on your loan documents. These will tell you the exact finance terms, who pays which closing costs, what items are and aren’t included with the home, whether there’s a home inspection contingency, the closing date and other important details.
Here at Real Estate Funding Solutions we have over 20 years of experience in the industry and have no doubt we can find you the best structured mortgage broker for your real estate loan. Send us an email at info@realestatefundingsolutions.com to begin the process today.