#1 - Get Prequalified! If you will be needing a mortgage, get prequalified. Your prequalification letter will be presented to the seller along with your Purchase Agreement which makes your offer stronger to the seller.
Contacting a mortgage company prior to looking at homes gives you the advantage of deciding in advance what you can afford and how much monthly you will want to invest. You can also take this opportunity to talk with your loan officer about the many different types of loans and which one will be best for you.
#2 - Ask for a Good Faith Estimate in writing! This form was formulated by the Federal Government to enable you to compare the cost of a loan from one lender to a another thereby making an "Apples to Apples" comparison of the two lenders. We do have preferred lenders that we recommend that all furnish this form for the asking. In some cases when a buyer chooses a lender without receiving this estimate, the lender will tack on fees from $1000 to $3000 that doesn't show up until closing.
Never choose a lender by interest rate only. Always request a good faith estimate and compare all of the aspects of the loan side by side.
Should you need any help, we're here for you, just give us a call!
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Homes for Sale in Lafayette, LA: Phone: 337-267-4116 or 800-203-9773 - Fax: 337-456-2116 Email: Sandy@LafayetteHomeSearch.com - Mailing Address: 6 DeGaulle Sq, Lafayette, LA 70508, USA
