If you're like the majority of Americans who plan on taking out a mortgage to finance your home, there are several steps that need to be taken before
you even talk to a lender about getting a home loan.
With $ 100K, you could buy A LOT of property without
even talking to a lender... it's just a matter of finding the people who perceive their real estate as a «burden» and serving them in such a way that provides relief to them, and a great investment for you.
Not exact matches
Talk to your
lender, thoroughly review the product details and crunch the numbers ahead of time
to make sure you break
even.
Once you have an idea what you can afford
to spend each month, you can start
talking to lenders and perhaps
even get pre-approved for a mortgage loan.
Research material is readily available on the internet
to help explain some of the terminology, but it is often extremely difficult
to understand what needs
to be done
to fix it —
even if you are well - versed in the shop -
talk of credit
lenders.
Some home buyers start
talking to mortgage
lenders before they
even have a budget established.
Many
lenders will not
even talk to you, and others may get your hopes up long enough
to turn you down.
So before you
even think of
talking to a
lender, I suggest you do a little advance research by checking out the Mortgage Professor and AARP sites.
Granted, you should establish your own budget before you
even start
talking to lenders.
Many people find that by
talking to their
lender, they may not
even need
to go through the rehabilitation process.
Even when
talking about a specific credit score you have
to double check which one your
lender is referring
to.
When you can
talk directly
to the other agent, when you can speak with the other party's
lender, appraiser, inspector, etc., you don't have
to rely on someone else
to communicate for you, you don't have
to rely on someone else
to negotiate for you and you don't have
to wonder if the information you're getting is real, watered down or
even incorrect.
It is always a good idea
to talk to a couple
lenders before deciding which one
to go with but don't let too many people run your credit as this will affect your score (usually no more than 3
lenders and
even that will lower your score a little).
Go make connections in your market of interest,
even if it's just
to talk to the local credit unions or HMLs (hard money
lenders).