Lake Martin Realtor®'s Role in the Mortgage Application Process
If you are new to the home buying process, there are a few things you should know. If you find yourself running off to find a lender before you check in with your Lake Martin Realtor®, you may be missing out on one the most valuable services that agent has to offer:
Given the mortgage represents the cost of the most expensive acquisition most people will ever complete, it's key to get the assistance of an experienced home financing expert.
Don't get me wrong, the lender is a key player during the application process and, of course, when it comes down to funding the loan, but a Realtor® can be the main point person when it comes to helping you prepare for the mortgage application.
While many people believe the Realtor®'s role is solely to act as a tour guide to help them find their dream home, they typically won't start giving home tours until a mortgage is pre-approved. A Realtor® likes to know you are a serious home buyer and that you have the money to purchase a home.
The first thing you should know is...
Your Lake Martin Realtor can initially help you get all your ducks in a row, including some of the most important first crucial documents - the credit report and credit score.
Now-a-days, you can easily monitor your credit score and view your credit report for free at CreditKarma.com. Your credit report will reveal if there are any errors or problems that could affect your application. Your Realtor® can go over the report and score with you to develop a strategy to improve your credit score, correct errors or take other steps, if necessary, to put your report and score in the best light before the lender gets its hands on it. Your credit report will also help steer you to the least expensive financing you can find, based on your score and other factors.
Beyond good credit, you will need proper documentation of employment, income, debt-to-income ratios, savings accounts, down payment sources and other mortgage qualifying factors. Your Realtor® can let you in on the things you will need to have handy before you fill out the application.
And now....
So, there are many types of loan options for you as a home buyer. And many of those offer zero down options especially if this is your first time. A Realtor® can educate you on these types of mortgages and together you can compare banks and mortgage brokers.
Once a Realtor® has intimate knowledge of your mortgage profile, they can refer you to a lender most likely to approve the mortgage.You always have the option of shopping around for the best rate and other terms, but a Realtor®'s recommendation warrants consideration.
A local mortgage broker backed up with refinances, inexperienced in the latest guidelines or slow handling contingencies, also can be bad news. Your Realtor® knows who's best at handling certain mortgages and can help you find the right lender for your situation.
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