If you are currently thinking about purchasing a home, chances are high that you have your ears perked to all the news coming out about the housing market and mortgage changes. How can you be sure you understand all of it and that you won’t end up in a potentially disastrous situation? Even if this is not your first time, hearing how tumultuous the conditions are currently can be intimidating. Education is great, but working with someone knowledgeable and trustworthy is paramount.
In getting started finding the right mortgage professional to work with, here are some items to think about to keep yourself current on the changes:
• Tax credits are still available. Talk to your lender or your accountant to learn how to best negotiate the rules and guidelines to make sure you get any credit you may be eligible for and plan your move accordingly.
• Learn the basics about loans and loan changes to make sure your decisions are sound. FHA has changed their guidelines and is more stringent about credit and PMI requirements. Some mortgages are or will be eliminated, such as interest only loans. Appraisal guidelines are becoming tighter.
• Rate is not the only cost of getting a mortgage. Get a Good Faith Estimate and learn about all of the fees—which are due at closing and which are due upfront and compare pricing.
Bottom line? There is too much information and it changes too often for you to be 100% certain of all the facts. Choose a lender or mortgage broker that has expertise on the current guideline and news; and one that you can trust. They will help you make the right decision, based on your situation in particular.
About Brian Ofsie and Vanguard Funding:
Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.
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