Getting the most out of your home mortgage financing means following three key tips.
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If you want to get the most out of your home mortgage financing, here are the three tips you need to follow:
1. Choose local. This way, your local lender and their team can use local resources and work with professionals who are familiar with the nearby neighborhoods and property types. They’ll have a great frame of reference to combat all the little challenges that may pop up.
2. Get a referral. For example, this referral can come from a friend or a powerful agent. It’s powerful to work with someone who has impressed someone you trust. I recommend working with someone who only works in mortgage financing. Even if they’re an independent contractor, they’ll be motivated to give you good advice, meet deadlines, and deliver the service you need to have the most successful purchase possible.
3. Understand the underlying benefits of your mortgage and how it relates to your purchase. For all my clients in competitive markets or competitive price ranges, rates and fees are very important to them, but there are other factors to consider as well. Being fully underwritten and having more favorable terms in your contract, for instance, are important variables. The relationship your lender has to the local real estate market counts for a lot, too. You want them to be able to pick up the phone, call the right person, and sing your praises as a buyer.
Another subtle factor is your bank’s alignment with and relationship to the marketplace. If your bank has a negative reputation within the real estate industry, many listing agents may prefer not to work with them.
If you have any other questions about the home mortgage process or what steps you need to take to purchase a home in 2019, don’t hesitate to reach out to me. I’d love to help you.