Scrutinize Lender Fees!

Before you begin looking at homes, start the mortgage application process.  Begin by finding out the exact fees a lender will charge you.  Fees will vary from Lender to Lender, so shop around for good service and save money. 

Talk to agents and find out which lender they recommend and why.  Ask the lender for a Good Faith Closing estimate and get a print out of the exact costs, the interest rate and closing fees.  Make sure the lender you choose pulls your credit report.  Do not just settle for a quick pre-qualification letter, obtain a full approval in advance to make the loan approval process go smoother. 

If you have questions about the process, find a lender that will answer your questions directly.  A good lender will take the time to explain the difference between the different types of loans available - FHA, Conventional, or VA.  The lender should also disclose all fees in advance and help you understand what kind of documentation is required to get your loan approved by his or her underwriter.  A bank appraisal is usually required and the appraiser may also require certain things to be fixed before your loan can be closed.

If you have a funny feeling about the lender, shop around until you find a lender you are comfortable with.  Lenders, like Realtors, are a dime a dozen, so shop around for courteous and responsive service.  Check out the lenders on our site by clicking on our Helpful Pros section.  If you don’t qualify through a normal lender, contact us for private mortgage financing.  We offer competitive rates to buyers with reasonable credit and a good rental history of paying on time.  

Do you have more questions?  Contact us and we will be glad to help you better understand the process.