The Lender SolutionBy Debbie Wilson
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You may be asking yourself: "Do I really want to own my own home? Can I afford the mortgage on a new home loan? Where do I start?"
Mortgage LendersUtilizing the services of a professional mortgage lender can be a great idea, especially for new home buyers. A reputable lender can help determine how much house you can afford, help you find special mortgages for first-time buyers, and perhaps make suggestions that could make it easier to get the best mortgage for your lifestyle and finances.
Dig DeeperOnce you have a short list of potential lenders, dig a little deeper. Additional costs such as origination and application fees can alter the final cost of your new home loan, even if the initial interest rates between the two companies are the same. Talk with several lenders before you decide. Most lenders require 3-6 weeks to complete the new home loan approval process, obtain an appraisal, draw loan documents, and close the loan.
Locating a Mortgage LenderLenders affiliated with the Mortgage Bankers Association of America must pledge to meet strict ethical standards in the conduct of business. As such, they are typically reliable, trustworthy, and competitive. However, there are other places to find a lender. Your real estate agent should be familiar with qualified lenders in your area. Additionally, you can find FHA approved lenders via the Internet, yellow pages, real estate newspapers, and mortgage referral listings.
Once you choose a lender, you'll want to get pre-qualified for your new home loan. Not only will it help you know exactly how much you can afford to spend, but it will help speed the process once you find that home you desire.
Mortgage Bankers Association of America
About the Author
Debbie Wilson owns and operates a lakeside resort. Her previous experience includes profitability consulting for a national healthcare company. Debbie holds a B.A. in Business Management with a minor in Physical Education.
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