Why Buyers Should Talk to a Lender First!

The home buying process can be daunting for many people.  To make it easier, Lauren Boger, Senior Mortgage Consultant with OnQ Financial, provides the following:

"The economic environment of today has proven how knowledge is paramount in making sound financial decisions. This is why we suggest that all of our buyers talk with their mortgage professional, or a mortgage professional that is recommended to them by a trusted source, so they can educate themselves on the current mortgage market. Each buyer should take the extra step to get pre-approved before starting the home buying, or shopping, process. This step ensures that the buyer is well aware of their personal financial situation including credit, debt, assets and most importantly, how much house they can actually afford.

In addition, there are several different types of home loan programs for which a single buyer could get pre-approved. Understanding the difference between the programs to recognize the most beneficial home loan program for each individual buyer is very important. For instance—a 2% interest rate may sound great but if a buyer doesn’t take the time to understand that in 3 years that rate would start adjusting upwards, therefore making their home less affordable, then they may end up getting themselves into a financially unsound situation.

Talking to a mortgage professional should not be intimidating but should be enlightening and helpful. With the right mortgage professional a buyer can become educated and aware of not only their personal financial picture and pre-approval, but they will also learn what to expect throughout the home loan process, preparing them to embark on the journey of Home Ownership!

Be prepared to give the following information to your mortgage professional for a pre-approval:

• Full legal names of all persons on the home loan application
• Social security numbers
• Dates of birth
• Residence (for the past 2 years)
• Employment (for the past 2 years)
• Gross Income (before taxes, breaking out commissions and bonuses)
• Estimated amount of cash assets"
  
  
  For more information on the Home Buying process or how to become pre-qualified for a mortgage, please contact Amanda Parmer, REALTOR®  910.545.0450 or visit www.AmandaParmerSellsHomes.com