Have a Relationship with your Mortgage Broker

One of the most important first steps a buyer must do is get pre-qualified. Your relationship with your mortgage broker is equal to that of your agent.

Before you start looking at any properties sit down with your mortgage broker. A good broker will ask you for 2  years of your income tax statements, pay stubs, bank records and other vital information. For me, the most impotent question your mortgage broker should asking you is “What do you feel comfortable paying per month”. If your broker does not ask you this question, find a new mortgage broker. A good broker is between you and foreclosure. A good broker will pre-qualify you for the correct loan amount and not what your credit score states.

When you and your mortgage broker are looking at loan programs, find out if there are any Early Payoff Penalties. These penalties can be anywhere between 2% to 4% of your balance. It may not mean anything now but it will when you go to sell your home. Often sellers have no idea that one or more of their loan's have such penalties attached. What nasty a surprise...

 

Always ask questions, lots of questions.....

Comments

[costa rica real estate]

This post is incredibly useful not just to me. who you wrote it for, but perhaps for up to a million other people and businesses in the world. I will do my best to promote this widely. I hope every other reader of yours will do the same not just today but for weeks and perhaps even months. Thanks very, very much..

[Tax Foreclosures]

Your relationship with the mortgage broker should be good so that the interactive barriers should no more be there to bring effective exchange of key point with respect to financial traits .

[john beck]

great informative blog and good advice and there should be good relation between buyer and seller.buyer must be pre-qualified. Your relationship between broker and agent should be equal and seller should guide according to your level.