I recommend that you hire a mortgage professional, or mortgage broker. Th is is not your buyer’s agent, although you can use your buyer’s agent as a source of information for referrals/ recommendations to qua lifi ed, experienced, and well-known mortgage professionals in your area. If possible, you should engage the services of the mortgage professional before you begin searching for your new home. As mentioned, you can fin d a great mortgage professional, someone who comes highly recommended and has the experience and the credentials to back him or her up, from your real estate agent, and from other real estate agents, colleagues, co-workers, neighbors, friends, and family. In general, banks are known for having the fewest mortgage options available because their products are spe cifi cally geared toward the bank’s professional interests, which won’t necessarily match your own. However, banks can also be more fl exible, as they are the ones who are lending the money for a home. Further, if you, the buyer, own other substantial assets, this can work to your advantage in making a deal with the bank, as it gives you leverage, making the process smoother and less complicated and lengthy. But in working with a mortgage broker, you will likely fin d that you have the largest number of mortgage options that you wouldn’t necessarily have been able to fin d otherwise. Th is is because mortgage brokers work independently — meaning they aren’t tied to a spe cifi c bank or mortgage-lending company — and o ft en work with a sign ifi cant number of fin ancial outlets. Th is gives you many more options, and the broker can help you fin d
the best loan and deal from man y diff erent lenders. RESEARCH HOMES WITHIN YOUR BUDGET
Th ere’s no point in spending a good chunk of your time looking for something that you ultimately can’t a ff ord. Th is is why it’s 96
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