|
Count On Your Real Estate Agent To: |
|
|
1. Preview available homes to weed out those that are overpriced, or undesirable in some other way.
2. Present the homes that suit your needs as you've defined them. 3. Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future. 4. Negotiate the best deal for you. With a Pre-Qualification letter from Ron Monroe(Your mortgage professional) in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else's -- even if your offer is lower! |
|
|
Count On Your Mortgage Broker and Loan Officer To: |
|
|
1. Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
2. Keep you informed of your loan status throughout the entire process. 3. Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and Ron Monroe(Your mortgage professional); only deal points and progress are shared). 4. Get the appropriate loan for you at the best rates and fees. This will save you significant money "up front" and throughout the years to come. |
|
|
Count On Yourself to: |
|
|
1. Keep your Real Estate Agent informed of any questions or concerns as they develop.
2. Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention. 3. Enjoy purchasing your home, but do remain objective throughout -- to make the business decisions that are best for you. 4. Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home. |
|
|
Your Credit Report |
|
| the basis of your score Your report details your credit history as it has been reported to the credit reporting agency by the lenders who have extended credit to you. Your credit report lists what types of credit you use, the length of time your accounts have been open, and whether you've paid your bills on time. It tells lenders how much credit you've used and whether you're seeking new sources of credit. | |
|
Your FICO score means: |
|
| It's an analysis of the information in the credit report that predicts how likely you are to pay back the loan. FICO scores are your credit rating. Most lenders base loan approval on them. You have three FICO scores, one from each credit bureau. You can check your FICO score online at www.myfico.com | |
|
A FICO score considers: |
|
|
. Payment history - 35% . Amounts owed - 30% . Length of credit history - 15% . New Credit -10% . Types of Credit in Use |
|
|
Your Difference is: |
|
|
. A pre-qual is based on the information you have provided but has not been verified and approved by the lender. . A pre-approval is based on the lender reviewing your credit, employment and assets. The items not reviewed for pre-approval would be the appraisal and title work. The pre-approval is based on no changes in your credit, employment and assets. If any changes occur, it would need to be submitted for the lender to review. |
|
|
Your Difference is: |
|
| Mortgage Brokers are companies that originate loans with the intention of brokering them to wholesale lending institutions. A broker has established relationships with these companies. Underwriting and funding takes place at the wholesale lender. Many mortgage brokers are also correspondents, which is why many of them also claim to be mortgage bankers. Wholesale Lenders - Most mortgage bankers and portfolio lenders also act as wholesale lenders, catering to mortgage brokers for loan origination. Some wholesale lenders do not even have their own retail branches, relying solely on mortgage brokers for their loans. These wholesale divisions offer loans to mortgage brokers at a lower cost than their retail branches offer them to the public. The mortgage broker then adds on his fee. The result for the borrower is that the loan cost about the same as if he obtained a loan directly from a retail branch of the wholesale lender. | |
|
A Good Faith Estimate is: |
|
| A Good Faith Estimate (GFE) of settlement costs lists the charges the buyer is likely to pay at settlement. This is only an estimate and the actual charges may differ. These costs include lender, title company, appraisal and credit report fees. | |
