How much house can you afford to buy? This is the first question that needs to be asked when you are considering your new home purchase.
Getting qualified is the first necessary step to getting started.
Your first instinct may be to go speak with the loan officer at the big bank where you keep your checking/savings account. Keep in mind that you are not obligated to use them. It is your right as a homebuyer to choose which lender you want to work with. It is also your right to choose which Home Warranty Company , Insurance Company and Home Inspector that you are comfortable with.
Your banking institution will definitely be happy to help you, but this is not always the best option when it comes to getting a home loan. Your loan officer is married to the guidelines of that one bank and their flexibility to help you is limited. It has been my experience as a Las Vegas Realtor that the bigger institutions have a less efficient line of communication between their loan officers, the underwriters and their clients (you).
At this point you may be wondering what other options are available to you….Mortgage brokers are a good place to start. They will have more financing selections for you to choose from.
Also, your Realtor will have preferred lenders that they have established working relationships with that they can recommend to you. If an agent is putting their name on a lender, then it’s a pretty sure bet that they have successfully closed transactions on time and they are dealing with someone who can handle the always present hiccups that transpire in all real estate transactions.
BOTTOM LINE……. Shop around for a good lender,………!
Posted by Las Vegas Realtor – Hank Lauzon