Tip of the Day:Top Ten Mortgage Banker Tips

The Mortgage Bankers of America list the following as their top ten tips for homebuyers. Thought they were worth repeating here, with my two cents thrown in.

1. Check your credit report. It really is the most important of all. The credit report will let you know if you will look attractive to lenders. Knowing what they see is to your benefit.


2. Develop a monthly budget. Know what your monthly expenditures are and determine what is 25% to 28% of your income. It is what lenders are going to be looking at so if you look first you will have some idea of the mortgage payment you can afford.


3. See a lender first. I would switch this one with the next one and encourage buyers to begin early thinking about and sorting the features they need vs want in a house, then go lender shopping. I encourage buyers to make a list of everything they want in a home and then assign priorities to the items sorting needs from wants. I encourage them to revisit the list as they go through the search for a lender process. It helps separate the first emotional response to home buying.


4. Needs vs. Wants (see above)


5. Take time to learn important terms. It is especially necessary for first-time homebuyer to learn the lingo of real estate.


6. Thoroughly investigate the mechanics of the deal - are there additional costs/fees that you need to consider?


7. There are various types of mortgage packages. Take your time ask, questions and take the time to understand the package you and your lender put together.


8. Get pre-qualified. It's fast, it easy, and you do not have to have just one. The reason to get pre-qualified is that it tells you how much money you are likely to have toward your home purchase.


9. Visit as many homes as possible. The best home for you is out there waiting for you to come along and find it.


10. Work, interactively with a mortgage lender. For the process to go smoothly the homebuyer must be willing to answer all the questions the lender may ask so being readily available is important.

The homebuying process, with the right team supporting you, will be a pleasant memory and you home a place to enjoy rather than a burden with the correct mortgage package.

Good Luck and Happy Hunting!

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