Real Estate Loans The Smart Way
Here are the four important questions to ask your mortgage lender before you sign any of their documents. Read this so you can buy your own house WITHOUT the risks and SAVE THOUSANDS of dollars.
Do you have a variety of loan programs to fit my cash-flow and expected length of ownership needs?
If you’re going to live in your new home for less than five years, you may want to consider an adjustable rate mortgage or “ARM.” With an ARM your payments will be lower, but they will go up according to the terms of the loan. If you’re going to live in your new home for over five years, a traditional fixed-rate mortgage may be a better plan.
Do you offer written mortgage pre-approvals, not just pre-qualifications?
A pre-qualification is usually a Lender’s opinion of your eligibility for a loan. If you ask to be pre-approved, the Lender will actually submit your job and credit history to an underwriter and get a conditional approval for a loan and a loan commitment. The advantage of having a pre-approval is that it will make your offer to buy a home stronger and it will usually allow you to close on the home faster.
Do you have the ability to handle difficult credit history?
Many Lenders will only work with you if you have perfect credit, and if a problem comes up, they won’t help you. Make sure your Lender has reviewed and received approval for you and your specific credit history.
Is the rate you quoted me the rate I’ll get at closing?
Many Lenders advertise their rates in the paper and in homes magazines. These are called “teaser rates” in the industry. The name says it all. After they’ve got you committed to using them, many Lenders then tell you what the “real” rate will be. By this time, it’s too late for you to do anything about it
Save You Thousands by Insisting You’re Lender do This
Don’t Get Pre-Qualified – Get pre-approved.
To get the best house you can for the least amount of money make sure you are in the strongest negotiating position possible by getting pre-approved.
Price is only one bargaining chip in the negotiations, and not necessarily the most important one.
Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller. This process takes anywhere from a few days to a few weeks depending on your situation.
Price is only one bargaining chip in the negotiations and not always the most important
Getting pre-approved is a VERY POWERFUL advantage we recommend all of our home-buying clients. That is why we offer credit help in our trademarked EZhomebuyers program ™. We’ll show you how to get a mortgage with bad credit and live in the home you want – instead of throwing away rent money every month.
Interested in safely buying a home without a loan or perfect credit?
Ask us how you can own a home without a loan here
NEXT STEPS:Get pre-approved fast. Complete our easy online application here.
Then request a showing here
Consider why the wealthy own: tax breaks, freedom and wealth through equity and appreciation by owning your home without a bank
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