With the changes in the new mortgage rules it is imperative that Buyer's contact their mortgage specialist prior to house shopping. Many factors are taken into consideration when applying for a mortgage and the new legislative requirements make it a bit harder to qualify. Lenders look at your credit score, the type of property (residential, commercial etc.), the state of the property, location, if it is insurable or not and the list goes on. Your mortgage specialist will have you fill out an application and discuss the current mortgage rates and terms with you. Once you have received confirmation from your lender, you then should contact your Real Estate Professional.
Your Real Estate Professional will ask you if you have been to see your mortgage specialist, at this point you should be prepared to provide your agent with the mortgage specialists name and contact information. The agent will verify with the lender the information provided.
It is never a good idea to shop for a home prior to knowing if you can obtain a mortgage...it ties up the Sellers time and home, the Real Estate Professional's time and sets you up for disappointment.
Get your ducks in a row...before you start house hunting! Everybody wins this way!
I spent a lot of summers at a beautiful lake, where the water was fresh and clear. The evening sunsets reflected on that calm water creating a mirror image and the morning air held the anticipation of another enjoyable day. Every minute at this lake was to be savored...so I felt it appropriate to add this picture to my blog page.