I have come across a very helpful article about tips for Mortgage Buyers. Thanks to Bankrate.com for their tips, as well as the source where I found the article . Here are a few that stuck out most to me:
1. Documents you will need: When you are ready to fill out a loan application and start the process of a mortgage, make sure you have the following documentation available. You will need this information to fill out your application, and you will need to have copies for the lender:
b. Tax Returns
d. Investment Accounts
e. Other Assets
If you have monetary gifts listed on your bank statements, be prepared to provide the source of that money.
2. Lock Rate: When you work with your lender, make sure to Lock in your Rate asap. Your lender will provide you your options for your loan rate. They will also provide you advice of when to do this. At times, there may be a fee, at times there may not. Your lender will be able to best advice.
3. Buyers have Bargaining Power: Buyers, at this time, there is increased completion with homes on the market. Use your bargaining power, and your realtor’s bargaining power.
4. Borrowers, you have Rights: New Mortgage rules are being created by the Consumer Financial Protection Bureau. They are going into effect this year – 2014. You have rights, and make sure you are aware of them. Check out the Consumer Financial Protection Bureau if you would like to keep up on their information.
5. Don’t worry, don’t panic: There are many resources to help you. Go Toni team has a list of preferred lenders that we frequently work with. Feel free to contact us.
*Home Buying and obtaining a mortgage can be nerve wrecking, from picking your real estate agent, to looking at homes, to obtaining a mortgage. Many steps are involved, but all in all it is worth while. We can help you make this process as simple as can be.
Feel free to click on the link here to view additional mortgage tips.