How Do I Choose The Right Mortgage Lender?
Choosing the right lender can be difficult for a first time home buyer. There have been some major changes imposed by the government over the last few years which have resulted in most lenders offering very similar interest rates and lender closing costs to prospective home buyers. Also, there are a few basic loan programs such as FHA, VA, USDA, and conventional which are offered by lenders. USDA and VA are the only programs which have a zero down payment requirement and you need to be looking in small town to qualify for USDA program or be a military veteran to qualify for a VA loan.
So, how do I choose which lender is right for me? First of all, you should deal with a lender who specializes in first time home buyers. We have a whole team dedicated to first homebuyers who take the time to go over the steps in the home buying process and take a mortgage application and try to pre-approve you for the best first time home buyer program(s) available.
We understand you may not have perfect credit, a lot of money to purchase your first home, or don’t know where to start the process. We are determined to help you achieve the dream of homeownership and we will guide you every step of the way and answer all your questions. If you don’t qualify to purchase a home right now, we will point you in the right direction so you can buy a home in the near future.
Some home buyers are so concerned with interest rates and closing costs that they forget about asking the right questions such as: (1) Do I qualify for a zero or low-down payment program? (2) What documents and information do I need to process the loan? (3) What are the requirements for a home I may be interested in?
The mortgage process is more complex today and there is so much information and documents which are needed to structure a good loan file to increase your chance of getting a loan approval. You need to work with a loan professional who has the expertise and skill to assist you in the purchase of your first home. We know that buying a home buying can be scary and confusing but call us today at 847-516-5743 or fill out the short application and we will do our best to make the dream of owning a home come true.