So you’re ready to begin your search for a new Philly home. The first step (drum roll please) is always, always to get in touch with an experienced mortgage loan specialist. Before you start the home-search process, you need to know if you’re in a position to purchase a house (very helpful), the amount you can be approved for and most importantly the amount you are comfortable borrowing. It is also helpful to know in advance what paperwork you’ll need to collect and eventually submit.
- Use a local lender. Let me say this one more time in case there is any question: use a local lender. It just makes sense to work with someone who knows the peculiarities of your particular market and can respond quickly to any issues that may arise. It’s also easier for your agent and title/escrow offices to coordinate the transaction with a local lender and assure you a smooth experience.
- Consult and assess at least 2 possibly 3 different lenders. Ask lots of questions and then ask more. The lender should be knowledgeable and willing to take the time to educate you. They need to have the ability to understand your individual needs and issues. I also think you should feel comfortable with the lender you choose.
- Don’t shop for lenders based solely on the interest rates they quote. Just because someone offers you the lowest rate doesn’t always make them the best choice. Make sure you get a GFE (good faith estimates) from all the lenders that you talk to and pay close attention to their other costs.
- Obtain recommendations from your real estate agent. It just makes good sense to use a mortgage provider that your agent has a business relationship with, someone who has a vested interest in doing their best, someone who doesn’t see this as a one-shot deal.
A real estate transaction is a complicated process drawing upon the talents of many dedicated professionals.
Don’t leave yours to chance.