Getting Pre Qualified For A Mortgage
Knowing if you can buy a home and how much is one of the very first things to do when purchasing a home. Whether you have bought in the past or this is your first home, speaking to a lender is key to your next move. If you haven't bought in the past few years things have change dramatically. And even if you have things continue to change so knowing your options is key to getting into a home.
Most clients think that it's all dependent on their credit score and while that is a major factor, things like debt to income ratio, number of accounts, time on the job and many other items factor in to your qualification. They also think once they are approved that they are good. Truth is programs are constantly changing and what you qualified for 30 days ago may not be available now - so keeping in constant contact with your lender is key.
I recently had a client who had been approved back in January had longevity in his job and over 700 credit score. We were good for the loan he wanted. The problem was he wasn't in a rush to puchase and the loan he wanted was a government loan. The qualifications changed as they do with goverment loans and now required more established accounts then he had on his credit so now he is having to put more money down and do a different program.
In regards to lenders, as a Realtor, I know that who you choose as a lender is a big factor on how smooth your home buying experience is. In the end, a lender who can and will work with your agent to get you the best deal and closed in the time frame that works for you is your best bet. Most agents have relationships with local lenders. These guys are great because, like your agent, they rely on relationships and good customer service to keep going. So they work hard to give you a great deal and experience. And often they have programs as good or even better than the bigger guys with less red tape. Going with a large bank or an online lender doesn't necessarily get you a better deal but it almost always gets you treated as a number versus an individual. Still, shop around, when you look for a mortgage the wisest thing you can do is get pricing from more than one lender - make sure you are comparing the exact same programs when you do.
If you would like to speak to a few great lenders, I have 3 listed below that have consistenlty offered clients the most competitive rates and best service. Give one or all of them a call and then call me so we can get started looking for your next home!
Ian Mills, First Liberty, (205) 504-2166 ian.mills@firstliberty.net
Donna Lowery, Renasant Bank (205) 515-3645 djlowery@renasant.com
Amanda Blalock, Fidelity, (205) 447-1990 amanda.blalock@lionbank.com
