What Steps Should Be Taken Before Shopping For A Homes?

Everything Buyers say they wish they had known about getting a mortgage, prior to them actually getting a mortgage:  

  1. Get Your Finances In Order Well Ahead Of Time: You would be surprised how complicated or detailed your finances truly are, even for someone who has just one job and one paycheck. Treat getting a loan like doing your taxes when trying to get traditional of conventional financing. With Private financing however, there are less restrictions and detailed financing requirements.  

  2.  You Have A Choice Of Loans, So Shop It: A common mistake made by first-time homebuyers is going directly to a mortgage app for a quote, or they accept the first offer they receive. Consider the various loan program options, including a Private Money loan if you have problems proving your income or need a fast close.  

  3.  Plan Far Ahead To Get A Better Interest Rate: Conventional lenders look at credit scores and loan-to-value. There are various programs out there to lower your monthly mortgage payments or allow for a lower down payment.  If you have had some unexpected financial difficulties and “don’t look good on paper”, consider a private lender. These interest rates are higher than a conventional loan, but this avenue allows a borrower to get into a home with a higher interest rate for a short time, perhaps just a year, and during that time the borrower can clean up the problems and then apply for a conventional loan. During that time, the appreciation in the home might well make up the difference in the mortgage payments. 

  4.  Get A Pre-approval Letter From A Licensed Lender Prior To Going Into Contract To Buy: It is important to get qualified for a home loan so you don’t risk losing your deposit or wasting time on a property if you can’t qualify financing for the monthly payments.  Nobody wants to go through a foreclosure if it’s avoidable, so know what price point you can realistically afford.  

  5.  Once You’ve Started The Application Process, Be on Your Best Financial Behavior: Don’t buy a car, change your job, or close or open any new accounts. This is very important as even just one change in your credit score can result in being turned down for the long term, lower rate mortgage. Again with Private Money however, the qualifications are not as tough, but if you can qualify conventionally then you want to maintain such qualifications until you get into that home! 


Ken & Ari Walker - Your Direct Private Money Source  

Husband & Wife Team  

Phone: 707-708-0797 / Office: 1400 N. Dutton Ave #22 Santa Rosa, CA 95401 
Ken: CA DRE Broker #01858042 / NMLS #1221130 
Ari: CA DRE #01858152 / NMLS #2170867 

Bio: Ken & Ari are a husband & wife team with over 30 years of combined real estate and private money lending experience.   They like working with buyers & borrowers, as well as directly with other licensed individuals who have clients in need of fast & alternative financing, and who can benefit from Private Money mortgages. (Qualify for our financing despite DTI ratios, credit score, property condition, difficult to prove income, etc. on purchases and refinances for owner occupied & investment properties.) 

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