10 Key tips that will save you money when buying a home!
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Here are some of the tips offered!
Tip #3 Picking a Loan Officer:
I have worked with several other Loan officers in the Real Estate. Some good, some bad and some that caused buyers not to get their home. When you’re looking for a Loan officer (Which is equally important as the Realtor) don’t just go down to your bank and sit down with the person there. Talk to several and get the feeling of the mortgage market. If you have a good relationship with your bank, then apply there. With big banks such as Wells Fargo, US bank and others they are looking for what is called A paper borrowers which you may not be. Companies like Wintrust Mortgage (where my wife works), Cornerstone mortgage and Mortgages Unlimited maybe be able to offer you more since they have different guidelines to lending. Another factor that may affect your purchase with a big bank loan officer they tend to work bank hours and I have had deals accepted at 10pm on Sunday. If the loan officer that I was using was not available to run the payment numbers so that the buyers could make the decision, they may have lost that home to another offer.
The most important factor (in my opinion) when you picking your Loan officer, is years in the business and loans closed. If this is their first or second year they may not have learned how to handle changes that happen before closing. The mortgage industry is changing fast and interest rates are changing even faster. Your loan officer will need to be able to analysis your financials and be able to predict your payment by law within a certain amount with these changing conditions. This is why it is so important to find a loan officer that has seen a lot of files and a lot of changes so they can get you to the closing table.
Tip # 8
Do your homework! Today there are several TV shows out there and internet information about buying, flipping and renting. Don’t believe everything you see on these shows as they are made to entertain with adding drama that is really not there. Here are some of the shows(some episodes are available online) that I recommend:
HGTV (Click on link to view shows website)
My First Place
Property Virgins
Property Brothers
Holmes on Homes
House Hunters
DIY Network
Renovation Realities
Sweat Equity
10 Ways To Save 10 Grand
Do research online and visit some open houses to see how Realtors talked to you and if you feel comfortable with them.
If you have any questions or comments, please post below or contact me at the following :
Dale Frisch 612-284-8161 or Dale@AttractiveRealty.com
We are not lawyers or tax accountants and you should always seek the advice from a professional
regarding legal or tax questions.
For a Free legal consultation on Real estate matters, Short Sale/ Foreclosure or Bankruptcy
Contact Nathan Nelson with Virtus Law PLLC 763.432.2169 Or Info@virtuslaw.com