Real Estate Loans or Mortgages
Real estate loans or mortgages can be taken out through a broker or directly through a lending institution. With times being as tough as they are for so many people, and the instability of the financial markets, shopping around for the best deal from a real estate lender is of vital importance. A mortgage broker is a one-stop real estate loan option that can save you time, and most importantly, money.
Whether you choose a mortgage broker or a bank, it is smart to start early and ask for a loan pre-approval. Getting pre-approved for a real estate loan is important for a few reasons. It allows you to limit your home search to a price range that you are sure to afford; and sellers will certainly take your offers seriously knowing that you have the financial backing to complete the deal. Also, when you start home loans shopping early, you give yourself the time to find the smartest home loans. Getting pre-approved for a real estate mortgage is quick and easy. Most of the time, it only takes a 15 minute phone call to a mortgage broker or a bank.
First Time Home Buyer Loan Tips
For first time home buyers, the mortgage loan process can seem complex and confusing. On top of everything else, you need to figure out interest rates, home loans terms, fixed versus adjustable rate mortgages, and more. In order to simplify and streamline the process, there are a few things you should look into before you apply for a home loan. There are a number of government programs for first time home buyers that you should be aware of before you start applying for real estate home loans. You might qualify for assistance with your down payment or for a lower down payment on your loan. This can make a big difference in the amount you can afford for your first home purchase.
Get a Copy of Your Credit Report
It’s a good idea to get a copy of your credit report before you start applying for real estate loans. There is nothing like getting yourself all ready to go house hunting and finding out you won’t qualify for a mortgage. While knowing your credit score won’t tell you for sure if you will get a loan, it can prepare you for what you will be told when you sit down with a real estate professional. There are plenty of ways to get your hands on a free copy of your credit report, and knowing your credit score will help you know what sort of loan you might qualify for—or if you should wait and improve your credit before you apply.
Help With Your Mortgage Choices
A real estate broker can definitely recommend a mortgage broker or bank that can work for you, but as in hiring any professional, be sure you are certain they are qualified to give you advice and services you are requesting. Our real estate agents can give you the names of reputable brokers in your area. When it comes to buying your first home, it can be a very exciting as well as a nerve-wracking time. By doing your research and preparing yourself for the process, you can ensure it goes more smoothly and you don’t run into any surprises. Once you get that real estate home loans ready, you can start the fun part—searching for your first home!