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what to know about working with a Lender
NOW IS THE PERFECT TIME TO...
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-Connect with a great lender if you don’t already have one
-Understand what kind of loan makes the most sense for you
-Find out how much you can qualify for
-Learn what price range of home fits your budget comfortably
-Provide the documents your lender needs to fully pre-approve you
Why
talk to a lender first?
HAVE THE TIME TO PICK A GREAT FIT
I will recommend some excellent lenders, so you can be confident they will get the job done for you. You’ll interact a lot with your lender, so you want to choose someone you can communicate comfortably with. Feel free to interview a few!
AVOID BEING BLINDSIDED BY SURPRISES
If there are mistakes on your credit report, or issues you didn’t know about, it is better to find out about them while there is time to correct them than to sabotage your success by discovering them after you find the home you love. If there are documents you will need to prove your eligibility and qualification for the loan you need, let’s find out about them while you have time to track them down.
BEEF UP YOUR BUYING POWER
Your lender will let you know what loans you qualify for right now. If you start the conversation early enough, they can also show you steps you could take to qualify for the best loans. (Are there small balances you could pay off to improve your credit score or debt-to-income ratio? Would another credit account add strength to your qualifications? Do you need to save up a little more cash for down payment?)
KNOW ALL YOUR OPTIONS
You might qualify for more home than you thought you could. You might be able to afford homes you are excited about instead of settling. Don’t miss out on any opportunities you assumed were out of reach! Know what the payments will be for different prices in your qualification range. Focus on homes that keep your payments at a comfortable level.
CHOOSE & NEGOTIATE WITH CERTAINTY
We will build your home-search around homes in your comfortable price range. Relax and enjoy shopping! You know you can afford any of the homes you fall in love with. In addition, sellers will take you more seriously if you are already pre-approved. The more comfortable the seller is, the more willing they will be to agree to terms you like.
how
to talk to a lender
TELL YOUR LENDER EVERYTHING
Many buyers feel they should tell their lender only the things they think will help them get approved. They are afraid that if their lender finds out anything negative it will hurt their chances of getting a loan. Your lender is not the person who will approve or disapprove your loan—the underwriter will do that. Your lender’s job is to help you fix or change anything that could make it hard for the underwriter to approve you. The more you tell your lender (both the good and the bad), the better they can help you!
UNDERSTAND THE TERMS
Some terminology lenders use can sound intimidating, but it's actually quite simple! For a list of these common terms with an explanation, click HERE.
ASK YOUR LENDER EVERYTHING
Which loan programs & down payment assistance programs do you qualify for?
Which kind of loan makes the most sense for you? Why?
What's the maximum amount you can qualify for?
How much cash will you need to complete your purchase?
What price range of home fits your budget comfortably?
How much does your payment change for each $1000 more or less you choose to spend?
How much closing costs should you plan for?
Is there anything you can, or should, do to improve your buying power before you choose?
FIND A LENDER YOU TRUST
The lender you choose is a core part of your home buying process. It's important that you feel comfortable with them and trust them to do a great job. Talk to as many lenders as you need to feel confident in your choice.
Who
to talk to
