There comes a time in everyone’s life where they go from renter to homeowner. This is not an easy feat for most people, and one that should be taken seriously. But what do you know? You’ve never done this before. Therefore I thought I’d help you out, and provide 4 tips to make sure you’re equip when it comes to you making your first home purchase.

Don’t listen to your parents, banks don’t always have the best rates 
Times are a changing. If you asked your parents where the best place to buy a used car, they’d say the local car lot, or where to purchase a pair of running shoes, they’d tell you the closest sporting goods store. We all know that would be foolish as we now have access to online shopping for deals. So why would mortgages be any different. Mortgage Specialists can often beat the bank rates by using different lenders that a customer would not have access to. Why? Because of the high volume that Brokers do with them. We have access to a numerous lenders giving you more options for best rate, and the most suitable product for you.

Knowing your credit score
Your credit score is a major factor in your mortgage application. It’s beneficial to know your score prior to shopping. All banks and lenders look at your credit history, and score first before they start to build a file around it. A mortgage broker can obtain your credit score in mere minutes; provide feedback and helpful tips if it needs to be improved

Make it a all in one shop

Imagine spending your day off going from one bank to another searching for the best rate and product only to find out at every institution you visited they pulled your credit (which reduces it, yikes!) Don’t do it man!!!! Brokers pull your score once, and use that to shop around with lenders for you. Consider it like having your own personal shopper

Understand that the market will change.
Be aware that the market you qualify in TODAY will adjust is important. Rates might be low right now, but new rules and implications can change things when you are up for renewal. Feel free to read my recent articleon rates changes over the past 5 years. Understand that you will be required to carry your mortgage payment at a higher rate if new laws are put in place.

Keep these 4 tips in mind when shopping for a mortgage will be helpful not only today, but for your future as well. There’s more to mortgages than just rate, it’s the overall product, which you should focus on. Feel free to give me a call, and I’d be happy to explain how my services will provide you with a competitive advantage in an aggressive real estate market place.

Have a great day.

-D