Home Loan Mistakes


The Biggest Mistake you can make when searching for a home loan is to put your trust in the wrong company or individual. This is after all, likely the largest personal transaction you will be a part of and it should be taken very seriously.

Simply selecting a broker or bank because they offer the best terms is not the way to go.  If you were building a home from ground up, or doing a major remodel, would  you:

          a)  Shop the internet for a contractor and hire the cheapest person?
          b)  Do your homework. Get references. Look at prior work performed. Verify license status. etc

Work with someone you trust. This is done either by using someone you have used before that came through for you or, by having a friend or family member refer you to someone. And then of course, ask questions and look for prior testimonials. 

Whether you are Buying or Refinancing a Home, when you find a trustworthy person to help you through the process, get Pre-Qualified.  You do not have to lock a rate immedately however, if it is agreed between you and your loan broker that the terms are desirable, then it may be a good idea to protect the quote by locking in the rate on the spot

Loan Pre-Qualification

Purchase Loans
The Advantages of getting pre-qualified for a new purchase home loan include:

√Know how much house you can afford
√Know how much cash you will need for the down payment
        √Simplifies pre-approval

A number of factors determine the price range of homes you'll want to preview - one of these factors is loan pre-qualification. Items considered when pre-qualifying for a mortgage loan include

  • Employment History
  • Credit History and Scores
  • Monthly Income and Expenses

There are many different types of loans to consider - FHA, VA, Conventional and even Bad Credit Loans.With our knowledge of the mortgage market, we can help you make an informed decision as to the type of loan you'll want. We'll find the best loan for your situation and go over the loan process as well as the fine details of the loan selected.

Refinance Loans
 
After taking an initial loan application over the phone, a qualified, experienced, licensed loan broker or loan officer will likely check your credit and pre-qualify you for a certain loan amount based on the verbal income information you provide.  He or she will also give you a verbal rate quote however, you will likely not be able to lock the terms until you provide certain documentation to the lender. A Huge Advantage here at GoToHome Realty & Loan is that we can lock the terms we quote you right over the phone in 'real time'. 

Make sure the person you chose to help with your home financing has the experience, is fully licensed, and most importantly, that you are comfortable with this person.

Feel free to call us for loan advise, to compare quotes from other brokers and banks, or to have us review your information for a quick pre-qualification and loan approval.  949-348-0669

Helpful Links

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