The thought of purchasing a home can be extremely exciting or terrifying, all depending on how prepared you are and your knowledge of the steps required to become a homeowner. Who should you call first? Where should you start?
Many times, starting out with preapproval from a mortgage company will give you the confidence to move forward. Meeting with a loan officer is a great way to get started. A free consultation will allow the officer to carefully review your financial situation and credit-worthiness. The lender will give you an in-depth look at which programs best fit your needs. Perhaps you are a first-time homebuyer or perhaps you are looking for a 15-year mortgage that will allow you to pay less money overall.
This process will also allow you to see how much home you can truly afford and if there are any credit issues, they can be addressed at this time. Even if you cannot qualify at the time, many times, lenders will work with you to create a
plan to purchase. When you are prequalified, it will strengthen your position when presenting an offer to purchase.
Everbank, one of the nation?s leading mortgage lenders, can issue a Commitment Letter to assist in securing a contract. The Commitment Letter is a formal loan approval that will expedite a real estate transaction. Underwriter approval can be obtained within 24 hours of receiving a buyer?s financial documents.
This commitment to lend is submitted with an offer to purchase and puts buyers in a stronger position to have an accepted offer — ?exactly like a cash offer, with the condition of an appraisal,? said Jim Meeker, Scottsdale branch manager for Everbank.
Remember, being prepared is one of the smartest things you can do when purchasing a home. FBN
Sherri Monteith is the managing broker for Russ Lyon | Sotheby’s International Realty located at 1750 S. Woodlands Village Blvd. in Flagstaff. To reach her, call 928-779-5966.