If you plan to finance your home purchase, start the mortgage loan process well before buying a home, even before the bidding process.
- Check out loan options that best suit you. Talk to financial institutions, mortgage companies and savings and loan institutions to look at what kinds of loans are available, and compare rates
- If you are a first time home buyer you may qualify for mortgage programs with little money down, low interest rates or federal programs that give beneficial rates
- When you have settled on a type of loan and loan institution, get pre-approved and get a pre-approval letter. To do this a loan officer will review your credit files and discuss with you how much you can borrow. This will help you know the price range you can consider when shopping
- Having a reduced debt load and a good credit history will be helpful in getting a better loan rate. You may wish to discuss with your loan officer if there are any ways you can improve your credit score to get a better rate
- Show your pre-approval letter to your M and M Realty Group agent when you begin shopping for a home
For financing, you should speak with at least 2 to 3 lenders in addition to your financial institution, to see who can offer you better rates and terms. Rates and programs vary from lender to lender, as well as by loan program.
M and M Realty Group recommends these lenders which we have worked with in the past. When you contact them, just let them know we referred you.
Custom Construction Mortgages,
Foreign National Mortgages,
America First Credit Union