What to do when looking for a mortgage?
If you are at the point in time where you feel your finances are in order and that you can afford to purchase a home, here is a list of actions you should probably partake in:
1. Shop around yes just like you would for a dress or shoes but this is obviously much more serious. You are looking to buy one of the most expensive assets in your lifetime possibly so it is important that you shop around to find the right loan product that will work for you, your finances and your family. You can find a range of loan products and even interest rates from different banks.
2. State grants exist, yes they do. In many states there are grants that help potential homeowners fulfill their dream, like SONYMA in New York and Homeward Board Program in New Jersey. If you haven’t by now look for a Realtor that can offer a few loan officer referrals that are knowledgeable in the process and can lead you to the close.
3. Gifts are absolutely accepted from family and friends if you are offered any and are considering accepting them just your loan officer, mortgage broker will let you know what you need to provide to keep in compliance with the law.
4. After you have weighed loan options with a few different lenders apply for a loan however you will need to supply the lender with some paperwork, like your pay stubs, federal tax return and bank statements just to name. few.
Start looking at homes with your trusted Broker and Realtor®, Eclipse, Let’s eclipse!