How to Get the Best First Time Home Buyer Mortgage

Are you excited to have your own home?

If you’re tired of renting, or living with roommates, and you want to feel like an adult and be independent, or you are getting married and starting a family, you are emotionally ready to have a home of your own.

But are you ready for the fees and responsibilities that come with it?

A home is an investment, and it may be among the biggest financial investment you’ll ever make. Many of us rush the process of home purchase, when it requires a lot of preparation and careful planning.

Decisions, decisions

Among the many decisions you have to make in buying a home in Charlotte NC  is which lender to choose.

It can be challenging to find the right lender to work with, especially since there are so many mortgage lenders ready to accept your loan application.  However, just because the lender is willing does not mean it is the right one for you.

Remember, you’ll be paying your mortgage for years to come, so you might as well take the time to study the different mortgage options available to you.

Top tips on picking the right mortgage lender

Getting a house loan is not as easy as walking into a bank or any lending institution, presenting your situation, signing some paperwork and walking out with what you need. It’s a little more complicated than that.

  • Get to know the different mortgage lenders. Before you decide on a particular mortgage lender, do some research on the different lenders in your area.  The most common types of lenders are big banks, mortgage banks, credit unions and mortgage brokers.

You want to find a organization that offers a good loan program with low interest rates, one which is invested in its clients, and one which can help you close the deal fast. You can do this by searching online, asking for references from friends, family members, and your real estate agent.

  • Decide on whether you need a mortgage broker or a mortgage banker.  A mortgage broker is someone who can make the job of finding lenders easy. There are several benefits associated with mortgage brokers like convenience and expertise in handling the requirements. But you should know that there are also some less than appealing aspects.

Mortgage brokers get a commission when they arrange the deal between the lender and the new homeowner.  You’ll find that there are mortgage brokers who’ll set you up with a lending institution simply because they’ll receive a higher commission, regardless of whether the interests in the mortgage lending institution will cost you more.

A mortgage banker is essentially a loan officer. These are people who have either a real estate background or someone who has worked for a different department in the bank. When you decide to get a home loan from the bank, they are the ones who will present the different products or services their bank offers, and guide you in choosing the most suitable one for your situation.

An advantage of working with mortgage bankers is they don’t get any commission on whatever mortgage you choose. Regardless of the amount of the mortgage you’ll have, mortgage bankers don’t have the financial incentive to push you to get a large mortgage deal. In fact, a lot of them say “No” to whatever outrageous requests or demands you ask for because they strictly follow their bank policies and rules.  

  • Interview the lenders. Create a shortlist of mortgage lenders, and set up an interview with the best three. Prepare a series of questions to help you determine if they offer the services you have in mind.

You don’t need to get a loan to ask questions. You can simply ask the loan office or mortgage banker to assist you in understand some things. That way you can have a good amount of information when you leave.

Mortgage shopping allows you to see the different products and interest rates, which will make decision making easier.

Buying a Charlotte NC home for the first time is a great learning experience. With the right help and support from an experienced real estate agent, it will also be a beautiful journey.

Call me, Nancy Braun, at (704) 997-3794. Let me make your first home purchase a success.

 

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