Talk to a lender before you start looking for houses.  The worst thing you can do is go out and fall in love with a particular house or neighborhood and then sit down with a lender only to discover you can't afford it.  It's heartbreaking, depressing and ruins the rest of your home search. 

Now the thing you should know about lenders is that there are so many out there -- they're all competing for your business.  And what do we know about the Free Enterprise system?  Competition is good.. good for you!  In Glynn County alone, lenders are opening offices here to get your business all the time. 

Shop around for rates -- but it's not solely about interest rates. 

• Finding the right lender also has to do with professionalism and competence as well.  More important NOW than ever.  Effective 2008, there is no longer a Financial Contingency clause.  Previously, this contingency said that if you were unable to get approved for your loan within a certain number of days, you could terminate.  Today, this is all to be done under the "Due Diligence Period"  That's why it is more important than EVER to have the process STARTED prior to looking.  Once you find the house, it should simply be a matter of quickly finalizing the details rather than starting the process from scratch and then finding out you can't qualify or need more time...  Talk to your agent!
• It has to do with that office's ability to underwrite your loan quickly and efficiently and in time to meet your closing deadline. 
• It has to do with terms of loans -- there are so many programs out there right now, it's mind-boggling.
• Finding the right lender also has to do with ease of application.  For instance, a buyer with excellent credit and a high down payment can expect to complete minimal paperwork for a loan...this may be an important factor for you when comes to making your decision.
• The self-employed are now in an excellent position to obtain loans with minimal requirements where it used to be a problem in the past.  Find a lender who understands the unique challenges the self-employed face.
• There are grants and incentive programs out there designed to help 1st time homebuyers who may have problems with their down payments.  Work with a lender who is well-versed in the latest programs available!
• There are large, national lenders, there are small hometown lenders, they each have their advantages and disadvantages depending on your needs

Many people are intimidated by lenders because they're "bankers" and they deal with all these technical financial terms that we don't understand. Well, a good lender will be able to answer your questions without raising more questions or leaving you confused.  If you find yourself with a lender who is making your head spin... get up and walk out!  You have no obligations to continue the conversation. 

Ask your REALTOR®.  We work side by side with Lenders everyday and have a good sense of each company's strengths and weaknesses, their specializations etc. and can refer you to the right Lender for your specific needs.

Once you find a lender with whom you'd like to work...

Your lender can sit down with you and look over your financial situation to help you determine how much home you can afford and let you know how to correct any credit problems you may have in order to qualify. Remember, just because your credit may be less than perfect or you've just changed careers doesn't mean a lender won't work with you.

Today, more than ever, there are countless number of loans out there all designed to promote home ownership.  With rates still low in comparison to a de homeownership is an attainable dream for most Americans.  Unfortunately, many people who would qualify for loans are unaware of these programs designed specifically for them and continue to rent unnecessarily.

For a list of mortgage companies with offices in our area, check out my "Resource" page!

Check out these sites for more information on your credit:

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