After our initial meeting, whether by phone or email, I will set up a home search based on your criteria in a home. The homes will be sent directly into your email as they become available to the market. During this time we will discuss getting you Pre-qualified, this is the first step after contacting me.
The purpose of getting pre-qualified is so that you know what dollar amount lenders will loan you in order to purchase a home. If you have not completed loan documents with any lender I have a great lender who will give you the best rates and loan type based on your credit score and situation. I strongly urge you to check rates with my preferred lender even if you are pre-qualed with someone else. At times there are fees that some lenders charge that my preferred lender does not charge. There is never a fee upfront for the pre-qualification. Being informed about the process and what to expect allows you to make a confident decision on which service providers to use and more important–what house to purchase!
Every expense matters when calculating the mortgage. PITI is what realtors and lenders refer to as the total expenses that add up for the mortgage: P-principle, I-interest, T-taxes, I-insurance. Be an educated buyer and compare!
Request a loan that doesn’t have an early penalty pay-off and make sure that you get a fixed rate so your mortgage payment doesn’t increase later (Taxes do make a change to mortgage). There may be situations where this type of loan isn’t possible and it’s best to ask your lender. Are you ready to pre-qual?