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25
Jul

Things Your Real Estate Agent and Mortgage Lender Wish you Knew

Written by admin. Posted in Mortgage lenders, Wa mortgage brokers

Buying a home can seem like a nightmare sometimes because it is a long drawn out process. There are tons of terms being thrown at you at once such as mortgage rates, mortgage companies, mortgage lenders, etc. You will find yourself asking questions like “what are the most current mortgage rates,” and “which mortgage lenders should I choose from?” These questions can make the entire home buying process seem not worth it, but we promise it is worth it, and we’re here to help make things a little simpler. Listed below are a few of the things your real estate agent and your mortgage lenders wish that you knew.

One Agent

Real estate agents wish that buyers would not talk while they are around other agents. This poses problems when information that should not be shared gets shared. Things such as the number of houses potential buyers have looked at or how much you have and are willing to spend. This information give homeowners information that they can use during the negotiation process, which can end up hurting potential home buyers.

Number of Houses

There is a false myth that you must look at every house for sale in your area in order to find the right house for you. This is not the case and can potentially drive your agent insane. Your job is to let them know what you want, exactly what you want. Their job is to scan and scour to find homes that match your wants and needs. This narrows down the options for home buyers and saves everyone time. So if one of the first houses are the perfect fit for you, it doesn’t mean that you still need to keep looking. It means you have a great agent who did her job to provide you what you are looking for.

Aside from agents mortgage lenders also have certain criteria that they wish their potential clients knew. These things are things that can make the entire process go smoothly and can save any hiccups in the road. They are things that must be done and there is no way around it, but sometimes people just don’t understand this.

Gift Letter

Many times couples find that they do not have enough money to put a down payment on a home. This is where family and friends come into play. Sometimes family and friends will provide money to help them out, but it’s important for everyone to realize this must be a gift. With the gift of money is a letter stating that it was a gift and not a loan. This is important when lenders are deciding how much money you can afford to repay. There is specific information that must be included in this letter, but the important thing to remember is that there is no way around this letter, it is mandatory.

Avoid Major Purchases

Along with a new home comes the desire to get a new car for the driveway, new appliances for the kitchen and maybe new furniture for the house. If you are planning on financing these purchases this is a bad idea that could potentially destroy the home loan process entirely. Major purchases can push the closing date back, cause substantial delays and in some cases cause the bank to decline the deal completely. Your best option is to wait until you close on the loan before engaging in large purchases.

Now you know. Use your knowledge to streamline the home buying process. Use this information to make you feel just a little bit better about an intense incredibly long situation that may have you wondering if it will ever end. It will, and hopefully by following these tips it will end with you in the home of your dreams.

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