Process?

[Nicklfire]

Hey!

What is the process of wanting to do something like this? I have never looked into a mortgage but know that this is in my short term goals.

[tony1928]

I'm not sure of the exact process but for myself, I found myself a mortgage broker right away and they can walk you through everything in preparation for buying a place. Don't deal with the banks directly as there is little advantage in dealing with them. Brokers have alot more flexibility in rates that they can give you and definitely cater to the clients. I've even been able to negotiate with a broker to get some money back (ie. they gave me some of their commission to seal the deal). With the banks, I always had to chase them. With a broker, they are typically mobile and are more than happy to come to service you wherever you are.

One interesting note is that its amazing how much info is available on you in a credit report.

Hmmm...what else...ah, when I bought my place, I was under the impression that the bank would loan me the taxes on the home as well as the buying price. Well, I was wrong. Had to come up with another 30k in cash on closing. That was fun.

[gimlid]

Yup get a broker, or two if you are like me and want to be sure you are getting the best deal.
Which I wasnt until I talked to the third guy haha.
From there get a good realtor, once again I had to fire a couple till I got the guy that was right for my family.
With the economy what it is right now I think you will find some hard working people who will try hard to make you happy and keep your business.
We were buying in boom times and it was hard to actually get people who cared at all about keeping clients. Sure wish I'd waited even though we got a great deal, we would have gottena better one now.

[jobber604]

I agree. Go with a broker that can get you the best terms and rates.

Remember that rates are not getting any lower. I'm sure you'll be able to get a good rate by a broker. Compare the rates posted on the internet, and I'm certain your broker can get you a better rate.

Plus you can always spend time with a broker or mortgage specialist to understand the mortgage process. They have mobile mortgage specialists that can come to your current location.

Best bet is to go with the mortgage broker. Good luck with the mortgage and don't feel any obligations.

[Kitsune]

There is not much to really say, except go talk to them. Talking to them is free, and you should 'interview' at least 3 before you commit to one.

Interviewing is VERY important because essentially you are spending hundreds of thousands of dollars on a house (or at least thousands of dollars in interest) AND you are locked into that interest rate for 5 years (or whatever you negotiate). You have to be able to understand their advice and trust them. You have to make sure that they understand your values/goals. If they start to get pushy, without even asking what you are looking for in a mortgage, then get out. Find someone who asks the questions first, not pushes the products first.

Also you don't pay mortgage brokers, the banks pay them commission (i.e. there is really nothing for you to lose by talking to them).

(p.s. on a side note: don't get mortgage insurance. I personally think life insurance is much better than mortgage insurance...)

[tony1928]

Yup, completely agree. Mortgage insurance only protects the lender. Get a term life insurance policy if you want to cover yourself off in case of anything. That is your policy and it will likely cost less than the mortgage insurance.

(p.s. on a side not: don't get mortgage insurance. I personally think life insurance is much better than mortgage insurance...)

[herefishyfishy]

Yup, I'm only echoing what has been said above...

Step #1 is to arrange to talk to a mortgage broker. We talk to you on your schedule. Mortgage brokers are mobile and that already says a lot about putting the effort into serving you on your terms. Mortgage financing, like buying a house, is not a cookie cutter process. Mortgage broker's arrange mortgages, all day long. That's all we do. Some of us don't even eat! (sometimes we forget to eat)

We work for our clients' best interests. And in order to do that, we need to hear what are the clients' fears and apprehensions, in order to explain gear the explanations towards the clients' unique situations. Because banks know that we have over 90 different lenders at our disposal, all competing for us to send them our clients, a mortgage broker is always promptly made aware of any rate changes and promotional products that they can offer.

Glad to hear so many positive responses to mortgage brokers! Just like other professions, we really do aim to help our clients with our specialty.

[herefishyfishy]

PM'd. Let's talk.

Hey!

What is the process of wanting to do something like this? I have never looked into a mortgage but know that this is in my short term goals.