It takes a team to help you buy a home. Your biggest allies throughout the process are your trusted buyer specialist with The Oceanaire Realty, and our preferred lender. We recommend working with our preferred lenders because they are a known commodity. We have worked with them before and they have proven that they will do what it takes, and will go above and beyond, to help you find the best loan product and close their home on time.
After connecting with your buyer specialist, the next step in the Home Buying Process is to speak with our preferred lender and get preapproved for your mortgage. We can’t being to look at homes without it, and certainly won’t be prepared to make an offer on the home you choose until you do. It’s second on the list because we can’t get to step three without it.
Be open and honest with your lender, the more information you give them, the better equipped they will be to find the best loan for you. Start with these questions:
- What are the most popular types of mortgage you offer? Why?
- Which type of mortgage do you think would best suit me?
- Will I have to buy private mortgage insurance (PMI)? If so, how much will it cost and how long is it required?
- How long do funds need to be in my bank account before closing?
- How long are the rates you have given me today good for?
- What “rate lock-in” options do I have? Will I be able to obtain a lower rate if rates drop once I am ready for closing?
- How long does the approval process take? Should I expect to have my information re-verified before closing?
- Is there anything I can do to better my financial situation before closing?
- Are there any penalties for paying off my loan early?
- Other than my down payment and homeowner’s insurance, what can I expect to pay at closing? Can any of these be added to the mortgage? Should I ask the seller to pay closing costs? And if so, how much will I need?