North Texas Real Estate and Homebuying Guide Located In "Stonebridge Ranch"

Unbelievably, many of us sign the first mortgage placed in front
of us. Typically the excitement of the new home purchase reduces
the mortgage to not much more than an afterthought. What you read
hise could save you hundreds or even thousands of dollars. Your
real estate professional has establihed relationships with the
top lenders in your area. By aligning yourself with a professional
agent you ensure that all the financial steps are taken care of
properly and economically.

Utilize a Lender With Established Ties to an Agent - Lenders
are much more flexible with the real estate agents who have done
business with them previously. This relationship then establishes
them as a team. The lender and agent work effectively together,
referring each other business. That’s why a good agent can
make substantial difference in setting up the most economical
financing. And the right financing can, literally, save you tens
of thousands of dollars over the life of your loan!

Don’t Attempt Paperwork Alone - All the
paperwork required to complete the purchase of a home can be quite
intimidating and frustrating for a home buyer. Make sure you have
your lenders help you with all the paperwork. Get help from your
team, your lender and agent. Their expertise will help alleviate
the stress and it will prove to be invaluable before you sign your
mortgage.

Look at All Your Options - Make sure you see
at least 5 loan programs for your mortgage. Lenders have at least
10 programs and should work with you and your agent on deciding
what is best for your circumstances. Evaluate all your options.
After all it’s your money you’re spending - not theirs!

Demand Service - This is little difference between
a bank, savings and loan, or a mortgage broker when it comes to
the competitiveness of their loan rates. The difference is in
the service they provide. It is their job to serve you! You want
to get the loan approved and move into your new home as quickly
as possible, but don’t overlook the fact that you are the
one spending the money and they are the ones who should cater
to your needs. Don’t let the process become so intimidating
that you lose that understanding.

Stay in Complete Touch - You should receive
a written report from your lender about every step. This will
ensure that no details are overlooked and this will be no surprises.

Negotiate a Flexible Loan - Don’t just
accept the terms they lay down in front of you. Lenders are in
the business of loaning money and they want your business. Make
sure you examine every option available to you. If you negotiate
a variable rate loan, many lenders have the ability to move you
into a fixed loan if rates start going up. Make sure that you
understand whether or not that is an option in the package you
are looking at.

Don’t Give Up on the First No - Initial
decisions are not always final decisions. Going to a higher authority
can sometimes get you the loan, but do so with the assistance
and compliance of your lender and agent. Many times special circumstances
when explained properly to the person in charge, will win you
the loan.

Don’t Wait for the Bottom of the Market -
The odds of you hitting the bottom of your market are about like
the odds of you hitting your state lotto! You will almost never
hit the bottom of a market. And trying to time it exactly right
is often costly. It usually causes a person or family to miss out
on the opportunity to purchase a very nice property. You’re
better off simply negotiating the best rate and terms you can at
the time you find a property. If interest rates go down, you can
refinance. This is a much better approach because you won’t
miss out on the property you’ve spent so much time locating.

Be Honest With Your Lender - Your lender wants
to help you with your loan. The only time they get paid is when
you get approved. The more information (good or bad) you provide
your lender, the easier it will be for them to get an approval.
It helps them present the loan in the best light. This in turn helps
the loan get the highest approval rating.

Become Completely Educated - Pick your lender’s
brain. Lenders will teach you all about your various options, even
if you haven’t found the right property yet. They will be
very patient with you while you are looking, especially if you have
aligned yourself with the right agent. They understand all the up-front
work will pay off in future business. Your agent will then continue
to refer people to the courteous and service-minded lender on down
the line.

Get Prequalified - Lenders will provide you
with a certificate of pre-qualification. By getting pre qualified
you know exactly what financial parameters to stay within. Your
agent and lender will consult with you and help you get qualified
for the loan that best fits your needs. Many times they are able
to get you a larger loan than you may have thought possible.