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Pacita C. Dimacali, REALTOR®, e-Pro, SRES, MBA
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Where to begin?
Happily, there are also many programs to assist the first time home buyer.
A good mortgage or loan officer can tell you about the availability of such programs. Don't feel obligated to go with the first loan officer you talk with. It's not any different from getting a second opinion for a medical ailment. After all, shopping for a loan contributes to your financial health and well-being.
Buying a home begins with getting pre-approved for a loan. My free Home Buyers' Guide explains and provides a flow chart of action items and takes the Buyer from the first step of getting pre-approved to signing documents to close escrow.
Get personal
What is important is that you develop a personal relationship with your lender. The lender can make or break the deal for you based on his or her ability to respond to inquiries or demands for information within a very short period of time. Your lender must know your situation in order to get the direction he needs to find the programs that will be most beneficial to you. Just as importantly, your lender must share the same sense of urgency in completing this transaction. Ideally, your lender is someone you can have personal consultations and correspondence as often as necessary. Finally, your lender must be easily and readily accessible.
Get local experts
If you have a medical emergency, find the nearest hospital.
Similarly, when buying a home, find someone who knows the local market and can act instantly in finding lending programs --- some communities have special local programs that assist the home buyer --- that can help you. Find a lender who understands local restrictions. Your lender must have access to local resources when completing a loan appraisal.
Out of town lenders using out of town appraisers who don't know the local market, and who are difficult to get hold of can jeopardize a deal. |
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