Your home will likely be one of the largest debts you incur in your life and is also likely the largest single investment you'll ever make, so it makes sense that when it comes to home financing you work with the right mortgage professional, right?
A mistake many first-time homebuyers make is shopping for a mortgage and the best interest rate with little thought or weight placed on the mortgage professional they will work with for financing over the course of the 30, 60, or 90 day process.
The home financing process may begin with a pre- qualification but finding the right home is a process that can take months. In that time, you will rely on your mortgage professional to calculate payments for you on properties you like, help you strategize on what downpayment will work best for your needs, or simply speak to you about questions you have regarding the mortgage process.
Choosing a mortgage professional then may be just as important as shopping for the best rate.
1.) Be sure you are working with a mortgage professional who understands your goals today and in the future: are you looking to stay in the new home short term in order to purchase another propert later? Maybe you to refinance to help pay for college in the future? Do you need to keep cash available for other investment opportunities and therefore need a smaller downpayment loan?
2.) A well qualified mortgage professional wil speak to you about the overall costs of homeownership. Utilities, maintenance, and repairs are are your responsibility as a homeowner
3.) Be sure to speak with a mortgage professional who will work with you to improve credit and connect you to resources for credit repair if needed.
The mortgage professional you chose can make all the difference on the homeownership journey. Choose wisely.
Please Note: This article is provided for illustrative purposes only. It is not an offer or commitment to lend money, and it is not an advertisement for a specific mortgage or a specific interest rate. Contact me to run the numbers for your situation.