Metro Detroit First-Time Home Buyer – Step 2 Talking with a Mortgage Lender
First off, I want to assure you that we can use any mortgage lender you feel comfortable with. If you have a lender that was referred to you by a friend or family member, that’s fine. When this happens, I will give you the option of having a “second opinion” from one of my trusted lenders. This would be a zero-pressure conversation just to make sure that your lender is the best fit for you. If my lender feels that they’re telling you what you need to hear, they’ll tell you so. If they think that something isn’t what it should be, they’ll tell you that and explain why. The choice is always yours.
I have a few mortgage lenders that I refer my clients to on a regular basis. These are professionals that I’ve closed deals with, that I fully trust and know that when they tell us something, that’s what is going to happen. Every client that I’ve referred to my preferred lenders have told me in one way or another that they were happy with their services. Some lenders end up saying one thing, then change their tune before closing, costing the buyers more money or losing the deal altogether.
Trust me when I say that’s no fun to get that close to the finish line and lose the opportunity to own your dream home because the lender failed to execute.
A good lender will explain the entire mortgage process, including all the documents you’ll need. They’ll pull your credit score and determine what the maximum amount that you should qualify for a mortgage is, and then along with you, decide on what you’d like your monthly mortgage payment to be. I don’t work with lenders who just want you to “max out” your loan so they can get a higher commission. No matter who’s lender we use, I’ll be there to ask questions and make sure you’re happy with everything.
PS. Once the home buying process begins, do not pay-off any other loans or buy anything on credit. This can radically change your credit scores and/or your loan to value ratios. Talk to the lender about this. Make the normal payments on any loans that you have, though. You don’t want to default on anything! Also, changing jobs before closing on the house will most likely send the deal into a tail-spin.
Next up: Looking at Homes