Why Should I Pre-Qualify for a Mortgage Loan? |
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Pre Qualify for your loan before you look at homes! This way you
know what you can afford and will look at appropriate properties. When an offer is ready to be made, we will have a stronger negotiating position with it as well! |
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Partner with Experience! |
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| Choose an agent that will help
you to make a wise investment. Real estate IS an investment. Let someone help
you who is an expert in the field. You will save time and money, as well as
avoid some pretty common mistakes made by people without knowledge of the
market. |
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Location is Key! |
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Think about where you want to be. LOCATION, LOCATION, LOCATION!
Realize that LOCATION is the most important factor in choosing real
estate. It is important when you buy it AND it is important when you
sell it! |
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| What do you need versus what do you want? Depending on your
finances, you might need to put necessities as priorities with an
eye on adding the "wants" to your property later. |
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Read Article on No Income Verification Loans |
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Lender VS. Broker |
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Also, consider whether to use a mortgage broker or a direct lender. Direct
lenders are the companies, like banks, who actually make you the loan. They may
or may not charge origination fees and various loan fees. Mortgage brokers do
not actually loan money, but shop the loan for you. They will try to find the
best rates and terms to fit your financial needs. They charge for this service
and the charge will depend on the broker, so check that out up front. The lender
that they use will also likely charge origination and loan fees on top of the
broker fees. As a general rule, if you shop around between direct lenders and
mortgage brokers you can find the best deal. It is not a difficult process. You may also run into a mortgage banker, who loans the money, but does not service the loan. They shop the loan with other lenders. Then they make the loan and sell it to a servicer at the same time. These are often easier and faster to close than broker loans. |
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Read
the article:
Applying for a mortgage online can hurt your credit score |
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Go Local |
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When choosing a mortgage company, keep in mind that those with a
local presence may be able to get the job done faster and more
efficiently. Our market is different than in other
parts of the country. Local companies understand the market
here and have relationships with the real estate community. As an
agent, I also have more pull with the local companies in order to be
able to be of more help to you. |
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A mortgage company has certain contractual responsibilities to
your real estate transaction:
- They need to provide a pre-qualification letter to the agent
within a set period of time, usually only a few days from the
time the contract was executed.
- They have a deadline for giving a final loan approval, or
loan commitment.
- They must have a complete loan package to the title company
or attorneys office in time for the closing to take place.
Closings can take place by mail. If the closing is a mail away
closing, the loan package needs to be at the title company at
least 3 days prior to the closing date.
- These dates are fixed dates. Missing any of them can result
in the contract being void. Usually extensions are granted if a
date is missed, but there are times when the entire deal falls
apart because a mortgage company is not responsive. Choose your
mortgage company wisely!
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| If you shop for a loan, make sure you do it right at the beginning
of the contract and do not waste any time. Changing lenders after
the process starts will likely result in deadlines being missed. It
will usually take at least 20-30 days to get a loan commitment once
you apply to a lender. The majority of the closings in this area
take place from 4-6 weeks from the time the contract is executed.
That does not allow much additional time! |
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Read the Article: Credit Scores Count! |
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Contact your lender today for a pre-qualification letter, or you can contact:
Jonah Oswin
Senior Executive of Mortgage Banking
The Oswin Group - Guild Mortgage
150 - 120th Ave NE Suite 200
Bellevue, WA 98005
Office: (425) 945-8001
Cell: (425) 830-2729
Fax: (425) 696-0042
E-Mail: jonah@theoswingroup.com
Website: www.guildmortgage.net
License Number: 510-LO-34143
I have used Jonah quite often and he always does a good job of taking care of my clients. Feel free to shop his products and rates with other lenders as well! |
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