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Recent Blog Posts
Financing a Home Purchase
According to the National Associatin of REALTORS® (NAR), nearly nine out of ten buyers finance their home purchase, which means that virtually all buyers -- especially first time purchasers -- require a loan. That's why when purchasing a home, buyers should have as much information as possible regarding mortgage options and costs. The Realtors at Coldwell Banker Willis-Smith can provide you with mortgage information, discuss financing options and recommend local lenders.
Most Realtors suggest that consumers start the mortgage process well before making an offer on a home and getting ‘pre-approved’. "Pre-approval" means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs that best suit your needs. Based on this information, the lender will provide a pre-approval letter, which shows your borrowing power. Getting pre-approved for a mortgage is recommended since the Offer to Purchase form requires buyers to apply for financing within a given time period, usually three to five days. So meeting with a lender in advance takes the pressure off and you'll avoid making a hasty financing decision that may not be your best option.
What are your mortgage options?
With the many types of loans available from a variety of lenders, the mortgage you choose will likely be determined by several key factors:
How much do you have to put down? Loans with 5 percent down or less may be available. If you have less than 20 percent down, lenders will want the mortgage guaranteed buy an outside third party such as the Veterans Administration (VA), the Federal Housing Administration (FHA) or a private mortgage insurer (PMI, or private mortgage insurance, is required by lender to protect against any mortgage defaults). Millions of VA, FHA and PMI loans are generated each year.
Rates and terms? The best rates and terms are only available to those with solid credit ratings. To achieve or maintain a good credit rating, make a point of paying credit cards, installment payments, rent and mortgage bills in full and on time.
First-time buyer? It might seem that "first-time buyer" means someone who has never owned property before, but under many mortgage programs, the term refers to those who have not owned property within the past three years. To find out about available first-time buyer programs, talk to a Realtor at Coldwell Banker Willis-Smith.
Where do you get a loan?
Mortgage financing can be obtained from mortgage bankers, mortgage borkers, savings and loan associations, mutual savings banks, commercial banks, credit unions, and insurance companies.
How do you get a loan?
To obtain a loan you must complete a written loan application and provide supporting documentation. Specific documents include recent pay stubs, rental checks and tax returns for the past two or three years if you are self-employed. During the prequalification procedure, the loan officer will describe the type of paperwork required.
The idea is to get the loan that's right for you -- the mortgage with the lowest cost and best terms.
Click here for our Mortgage Calculator and contact us for more information.
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