Mortgaging

Very few people in today’s society buy a home without the need for a mortgage. Hopefully your agent can provide you with several names from which you may select someone you are comfortable with and who can provide you with the best rates.

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Most lenders offer the same basic mortgage programs: conventional high ratio, CMHM insured, ect. However, they will usually offer their special “niche” products. For example, some specialized in low down- payment loans, or loans for people with marginal credit. Your agent will assist you in these decisions. You will want to meet with the mortgage officer as soon as possible in the process to go over and make sure you understand every aspect of mortgaging.

One of the best strategies we can offer you is to get “pre-approved”. It is simple to do, and you can save thousands of dollars and hours in negotiations on your new home. Most lenders are happy to get you approved for a loan even if you haven’t yet selected a home. Your loan will be approved, “pending a property appraisal”. Pre-approval makes you, the buyer, much more comfortable knowing that once you find your dream home, you won’t be turned down for financing.

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The sellers are also more likely to deal seriously knowing that you are a qualified buyer. You should leave with a clear understanding of what your monthly payments will be, as well as how much cash you will need and what supporting documentation you will require.