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First Time Home Buying
EDITORIAL REVIEW
Attempting to purchase your first home may make you feel like you are going on a long and difficult journey, but there are some easy steps that you can take to make sure you get going in the right direction.
One of the most common mistakes for first-time home buyers is to think that the process of home owning actually starts by finding the home - but that's like starting the play in the second act! The first step is knowing where to start.
Take a minute to read these quick tips that all first-time homebuyers should know. It'll get your home-buying process off to an informed start and help put you in your first home.
The BIG Loan
Pre-Approval/Qualification Pre-approval is the first step towards owning your first home. You can begin the Pre-Approval process right over the phone by calling a mortgage company. An experienced loan officer will gather specific information from you, and within an hour, you will know exactly what you qualify for. Don't waste your time going directly to a realtor, because the first thing a realtor will ask you is if you have already been pre-approved by a mortgage company. The realtor does so to save everyone time, because the realtor does not want to show you homes you cannot afford. A Pre-Approval letter from a respectable mortgage company is like carrying around a suitcase full of money. In the eyes of the seller, the Pre-Approval makes you a very desirable "cash" buyer, giving you an edge over other buyers with uncertain financing.
Mortgage Banker vs. Mortgage Broker When you first contact a mortgage company, the first question you should ask is "Are you a banker or a broker?" Many first time homebuyers do not know the difference between the two. However, knowing the difference between the two cannot only save you plenty of time and money, but it can also help you keep your sanity. A mortgage broker cannot use its own money to fund your loan, nor can they underwrite/approve your loan to close. A mortgage broker is forced to rely on a mortgage banker for all decisions regarding your mortgage, plus their fees are almost always higher than a mortgage banker. A mortgage banker is a direct lender. They can originate, process, underwrite, and fund your loan without relying on another bank for approval. A mortgage banker has the ability to make all decisions in-house, making the home buying process that much easier. Having the ability to call your loan officer and being able to find out the status of your loan at any time throughout the
process will allow you to stay sane. The home buying process can be very emotional as it is one of the biggest challenges a family may face, so make sure you contact a mortgage banker for all of your mortgage needs.
If you have any questions about this article, or if you would like to speak to someone about qualifying for a mortgage, please call Atlantic Coast Mortgage and ask for President Bill Malamut or Jim Malamut 609.646.5555 ext 13. We would love to help you in your quest to purchase a home.
One of the most common mistakes for first-time home buyers is to think that the process of home owning actually starts by finding the home - but that's like starting the play in the second act! The first step is knowing where to start.
Take a minute to read these quick tips that all first-time homebuyers should know. It'll get your home-buying process off to an informed start and help put you in your first home.
The BIG LoanPre-Approval/Qualification Pre-approval is the first step towards owning your first home. You can begin the Pre-Approval process right over the phone by calling a mortgage company. An experienced loan officer will gather specific information from you, and within an hour, you will know exactly what you qualify for. Don't waste your time going directly to a realtor, because the first thing a realtor will ask you is if you have already been pre-approved by a mortgage company. The realtor does so to save everyone time, because the realtor does not want to show you homes you cannot afford. A Pre-Approval letter from a respectable mortgage company is like carrying around a suitcase full of money. In the eyes of the seller, the Pre-Approval makes you a very desirable "cash" buyer, giving you an edge over other buyers with uncertain financing.
Mortgage Banker vs. Mortgage Broker When you first contact a mortgage company, the first question you should ask is "Are you a banker or a broker?" Many first time homebuyers do not know the difference between the two. However, knowing the difference between the two cannot only save you plenty of time and money, but it can also help you keep your sanity. A mortgage broker cannot use its own money to fund your loan, nor can they underwrite/approve your loan to close. A mortgage broker is forced to rely on a mortgage banker for all decisions regarding your mortgage, plus their fees are almost always higher than a mortgage banker. A mortgage banker is a direct lender. They can originate, process, underwrite, and fund your loan without relying on another bank for approval. A mortgage banker has the ability to make all decisions in-house, making the home buying process that much easier. Having the ability to call your loan officer and being able to find out the status of your loan at any time throughout the
process will allow you to stay sane. The home buying process can be very emotional as it is one of the biggest challenges a family may face, so make sure you contact a mortgage banker for all of your mortgage needs.
If you have any questions about this article, or if you would like to speak to someone about qualifying for a mortgage, please call Atlantic Coast Mortgage and ask for President Bill Malamut or Jim Malamut 609.646.5555 ext 13. We would love to help you in your quest to purchase a home.