Choosing The Right Lender
Today there are hordes of mortgage lenders eager and ready to accept your loan application. But just because a lender accepts your application doesn’t mean this lender is the right partner for you.
Since you’ll likely be saddled with this mortgage for years to come, it’s critical to choose the best mortgage lender for your needs.
Pink Pearl Real Estate has developed relationships with some of the best experts in the industry. We work with individuals who provide a high level of skill, professionalism, and personal attention to ensure you get the right mortgage loan to suit your needs.
The benefits of a one-on-one consultation with a qualified loan officer:
- Helps to determine your purchasing power. Pre-qualification helps you evaluate your current financial situation and determines the price range for the future home.
- Determines potential monthly payments, allowing you to receive the estimate of your monthly Principal, Interest, Taxes, and Insurance (PITI).
- Identifies loan programs that may fit your needs. With the wide variety of loan programs available, it is important to know the right programs for you and your future goals.
- Strengthens your offer. Sellers are more inclined to accept realistic offers when they know that the buyer has been pre-qualified. Timing is critical in the home-buying process.
- Determines alternatives and strategies. The right lender will help you determine the best strategy. For example, some buyers may benefit from a first-time homebuyer program which offers a lower down-payment requirement and sometimes, lower market rate.
- Debt consolidation direction. The right loan officer may advise you on restructuring your debts. Advising you on debts may lead to helping you reach goals that lower total monthly payments.
In order to become pre-qualified, your lender will need to know the following:
- Your Income
- Your monthly debts and obligations
- Housing expenses
- Your total Assets
- Social Security Number
What to bring to your pre-qualification consultation:
Once you are pre-qualified, you will receive a Pre-Qualification Letter. This is an important document. Sellers are often more likely to accept your contract when they see that the potential buyer has a Pre-Qualification Letter.
Remember, smart loan officers will take especially good care of customers recommended by real estate agents. Use this to your advantage, and make sure the lender you speak with knows you came to them through a recommendation from your agent. This connection can not only be a good icebreaker, but it can also be a big help when it comes to reducing closing costs.