The way you approach mortgage shopping can literally save thousands of dollars. Be a smart consumer.
Here are some simple buying steps on purchasing Leavenworth and Wenatchee real estate.
The steps to successful financing
Get pre-approved. Remember, this is different from a pre-qualification letter. A written pre-approval includes a completed credit application and a certificate guaranteeing you a mortgage to a specified amount. Having this letter will inform sellers you are a serious buyer and really want to buy their home.
Look over your finances. How much can you afford to spend? While a lender will tell you how much you qualify for, it's up to you to figure how big a payment fits into your budget. Just because you can afford $300,000 doesn't mean you really want to pay that much. Remember to consider related costs such as insurance and taxes, as well as interest and principle.
Consider what type of loan is best for you. Compare fixed-rate with adjustable rate mortgages. Look down the road. Where will you be in 15 years, 30 years? What obligations might you have? Take those things into consideration as you choose a loan. A lender can really help you out in this and figuring out which will best in your situation.
Check your Credit Report. A lender will run a credit report on you but you'll be ahead of the game if you acquire a copy first. You'll know exactly what's on it and be able to correct any inaccuracies. You should be able to obtain a copy of these reports.
Feel free to look around for a loan. When you're ready to get a loan, explore your options. You can choose either a direct lender or a mortgage broker. There are benefits to each. Our agents can help you determine which would be better for you.
Be aware. Don't let hidden costs sneak up on you. Ask your lender for a written estimate. This is the problem right now with all the sub prime mortgage issues. Be a careful and cautious consumer and watch the lender. If you don't understand something, ask. If the lender tries to side step and issue or if you still don't understand, maybe you need to be looking elsewhere.
Apply for a loan. Gather all the documents you'll need to verify your loan application. Lenders will want to know your job tenure, employment stability, income, assets (property, cars, bank accounts and investments) and your liabilities (auto loans, mortgages, installment loans, credit-card debt, household expenses and others). Credit Unions, Banks, Private Lenders, etc.. can all do this for you. Find one you trust and can rely on and preferably one that has been around a while.
You'll need to provide documents such as paycheck stubs, bank account statements and tax returns. You will want to have these documents when you go to apply for a loan so it's best to start collecting them now. Check out the local links on where to go for these professionals.
When you are ready with all these details Get ready to shop for a home! This is a great time to search for Leavenworth real estate and you can cash in on a great home today!