One of the most overlooked, yet crucial aspects of real estate, is financing. Whether it be Conventional, FHA, VA, USDA or an all cash sale, it is of the upmost importance to ensure that your financing is ironed out before making an offer. I completely understand that buyers are more concerned with finding the right place, then shoring up the un-sexy financial aspects of the transaction. Unfortunately I have had some first hand experience with these issues, from down payment gift funds falling through, to writing offers with an inaccurate pre-approval letter. Most of these deal breaking issues are avoidable if the appropriate steps are taken in the correct order. In my opinion, the most important step is to find a lender that you are comfortable with so you can admit when you are uncomfortable, ensuring that you don't hesitate to ask for clarification on any confusing issues. To do this I would suggest meeting with multiple lenders and banks so that you can get a thorough view of the market place in order to make an informed decision. Once you have decided on a lender, it is crucial that you establish and maintain strong lines of communication with both your lender and your agent to avoid any deal killing pitfalls. You can never ask too many questions, I promise both your agent and your lender will appreciate the ease of mind knowing that they're on the same page as you. Until your loan is officially 'locked-in' your financing is up in the air, so its extremely important that you understand the process and are aware of your escrows different timelines. If you need any recommendations on our local banks and lenders, please feel free to contact me today!
