Even if you are in the early stages of looking for a home, a great step in establishing a plan to finance your home is to speak with a loan officer. Taking the time to get pre-qualified will ensure that you know what you can spend, as well as highlight potential issues that affect your qualification. Many times, these can be repaired or reversed in time, often allowing you to increase your budget or get access to better interest rates.
Discussing financing early will also give you the opportunity to consider your options for structuring your loan. Different loan options are right for different people, and it is important that you know your options and take the time to consider the best route for you.
Choosing who to talk to can be tough, especially with so many options. There are online lenders that offer quick quotes, big banks that market themselves everywhere, and local lenders that offer a variety of loan products. Our team of experience real estate agents strongly recommend finding a local lender who will be able to provide the personalized attention and assistance that is crucial to a smooth transaction.
Working with a local lender offers several benefits. First, local knowledge will ensure that your loan officer knows how to structure loans for certain property types. For example, a lender from a small town outside of a city may not know the ins and outs of financing a condominium purchase, while a truly local lender will have the experience to navigate the transaction easily.
If you don't know where to start, your real estate agent will often have several options to consider. While the decision is ultimately yours, knowing that your agent and their past clients have had positive experiences with a certain loan officer will give you the peace of mind you need during this complicated process.
Planning ahead and knowing exactly what needs to be done lowers the risk of a last-minute scramble to fund your loan. You need to know you can get in touch with the loan officer easily, and that they are able to explain things in a way you understand and are comfortable. After all, you will be working closely with this person all the way up until closing on your new home.
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Not sure where to start? Contact us and we will connect with a local specialist to help you get started.