It occurred to me after writing the previous entry about whether you shop for a home or sell your current home first that maybe there is another first to consider…FINANCING! With all the changes in the world of mortgage lending in this new economy you should probably make that talk with a lender the first thing you do. A lender can give you a pretty good indication of your likelihood of getting a loan and for how much and what percentage of the purchase price if you’ll share with them your income, assets, debts and employment information and allow them to pull your credit. It’s free and most lenders are more than happy to help you get pre-qualified.
Keep in mind however, even after YOU are pre-qualified, property value as determined by the appraisal and reviewed by the lender may still become an issue but YOU will be a qualified borrower and buyer. Please feel free to work with the lender of your choice. If you don’t have an established relationship with any local lenders I have several I can recommend from my 15 years in the mortgage industry. The most important thing a lender can do for you and for us is to maintain communication. Simple yes, but you’d be surprised at how many lenders start ducking you/us as soon as anything negative happens. It is important to deliver good news fast and bad news faster but human nature for many is to avoid confrontation so they avoid delivering the bad news. The lenders below are just a few I know who have demonstrated the kind of professionalism that gets deals done:
- Mike Burroughs, owner Mortgage House of America, 513-794-7812 [email protected]
- Greg Updegrove, Mortgage House of America, 513-794-7805 [email protected]
- Dick Engel, Summit Home Loans, 513-266-3160 [email protected]
- Shawn Huss, First Place Bank, 513-232-0800