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dreamworld06
LIF Adult
Member since 2/07 1341 total posts
Name:
Heather
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Who is involved when you buy a home (after the realtor)?
i.e. Do you speak to different banks to get a mortgage or do you get it through a broker (not even sure if that's what it's called), is there a closing specialist? do you pay them? Any other info a first time home buyer should know?
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Posted 4/8/13 3:29 PM  |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Who is involved when you buy a home (after the realtor)?
You can get quotes from each of the banks or you can work with a broker to "prehaps" get you a better rate/bank.
We are going with a broker now if you would want his contact information. It was quick, easy process to go though. Your agent and lawyer will give you what to expect when buying a home and how much money you need to have at closing.
To start, i would get a pre-qual letter to see if you are in a good state to get a mortgage. You will need this to make an offer on any property.
Message edited 4/8/2013 3:53:34 PM.
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| Posted 4/8/13 3:52 PM |
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Jenn79
One more?
Member since 2/12 2410 total posts
Name:
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Re: Who is involved when you buy a home (after the realtor)?
I used an awesome guy in Plainview. Fm if you want his info, but he basically tells you what you can afford. He will tell you what your payments will be based on different houses and taxes etc. he does all the work, and will walk you through everything. At closing it's usually just a representative from them, and your lawyer (who walks you through everything at closing). Can be a stressful process, but if you have the right people working for you it can be pleasant as well!
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| Posted 4/8/13 8:08 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Who is involved when you buy a home (after the realtor)?
the mortgage process should be started before you find a house
As a realtor I don't show people homes who aren't pre-approved for a mortgage- I like you to know what it's going to cost you every month so that you feel comfortable
and so that we are looking in the right price range, taxes etc
I recommend 3 lenders for my buyers to talk to and I walk you thru the whole process- from the first time we meet you will know exactly what to expect thru the whole process and who you will need along the way
after you find a home you will then then a home inspection ($500 on average)
an attorney- $1000 on average
the mortgage lender will provide a good faith estimate of fees for the loan and your attorney will review everything with you
Message edited 4/9/2013 11:22:35 AM.
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| Posted 4/9/13 11:22 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Who is involved when you buy a home (after the realtor)?
jumping in with a question. I don't remember this from my home buying experience, but when you and your partner are going to be on the mortgage and deed do both people need to sign the contract or just one?
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| Posted 4/9/13 1:43 PM |
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BabyBeans
LIF Adult
Member since 3/07 930 total posts
Name:
Melissa
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Re: Who is involved when you buy a home (after the realtor)?
i checked with two banks and a broker, broker pretty much on target w/ tfcu w. fees so went with mortgage guy- he was very quick to respond with questions, moved my claim along quickly and got me pre-approval letter quickly.
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| Posted 4/9/13 2:01 PM |
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Re: Who is involved when you buy a home (after the realtor)?
Posted by Blu-ize
jumping in with a question. I don't remember this from my home buying experience, but when you and your partner are going to be on the mortgage and deed do both people need to sign the contract or just one?
Both
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| Posted 4/9/13 3:37 PM |
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Re: Who is involved when you buy a home (after the realtor)?
Posted by BabyBeans
i checked with two banks and a broker, broker pretty much on target w/ tfcu w. fees so went with mortgage guy- he was very quick to respond with questions, moved my claim along quickly and got me pre-approval letter quickly.
FWIW - I think you are always better going with a direct lender than with a broker (unless you are really borderline qualified and a broker can maybe help you shop around for a lender who will actually give you a loan). But otherwise - a direct lender is usually better to deal with, because the loan officers you deal with upfront are more familiar with the underwriters at their bank and their criteria, and can exert some influence over the process. A broker has no relationship with an underwriter at a particular lender, and a broker has less pull over the key players at the lender. They are an outsider, essentially just matching the borrower with the lender. A couple of my clients have gotten burned by brokers, but we were lucky enough to get them a mortgage with one of my preferred lenders at the last minute.
So if anyone is using a broker, make sure they come highly recommended!
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| Posted 4/9/13 3:41 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Who is involved when you buy a home (after the realtor)?
Posted by Century 21 Dallow - Christine Braun
Posted by Blu-ize
jumping in with a question. I don't remember this from my home buying experience, but when you and your partner are going to be on the mortgage and deed do both people need to sign the contract or just one?
Both
That's what makes sense.
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| Posted 4/9/13 5:16 PM |
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TyReseGreen
Lil Prince is here
Member since 8/11 6338 total posts
Name:
Theresa
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Who is involved when you buy a home (after the realtor)?
We began the mortgage process before we began looking. A lot of realtors will not show you homes unless you have a pre approval in your hand. We got pre approvals from 3 different banks. Once we had that we hired a realtor and began looking.
Once you find something and make your offer you should hire a real estate attorney(word of caution don't use the sellers). The attorney draws up the contract and if you are purchasing a short sale contacts the sellers attorney for updates etc.
Once you lock in your mortgage rate usually have to close within 30 days or you may lose the rate. At closing its you, realtors, your attorney, sellers attorney, seller, and the banks attorney. Closing can take as little as an hour or as long as 3. Mine took 2 1/2 hours. Thanks to the seller running late.
Good luck
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| Posted 4/13/13 7:50 AM |
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