Your First Mortgage

If you are thinking about buying your first home in the near future, then it is time to start thinking about your first mortgage.  It is easy to get caught up in the excitement of finding the “perfect” home prior to meeting with a licensed mortgage lender, but this is a mistake. It is crucial that you get pre-qualified first, so when you do start shopping, you are confident that you are looking at homes that fit your budget and your punch list.  Your real estate agent also has an obligation to only show homes to “able and willing” buyers.

So what does the mortgage application process look like?  Not as scary as you might think.

You’ll want to find your mortgage broker through trusted referrals- this isn’t something you’re going to want to trust to the internet or to the Yellow Pages.  If you want accountability with your lender, then pick one you can meet with and talk to.  If you’ve already found a real estate agent, then that person can be an excellent source for a mortgage broker referral.  If the agent and broker work together, there’s a great deal of accountability – the broker wants to maintain a positive relationship with you and the agent for future business.

It’s perfectly acceptable to talk with two or even three mortgage brokers until you find the one that suits you the best. Interest rates and closing costs are important, but you also will want to consider the broker’s track record, including the number of years that he or she has been in business, complaints, and the viability of the company.  Once you find the “perfect” house, the last thing you want to happen is not being able to close because your mortgage banker is no longer in business.

How does the loan application process start?  Typically with a phone call.  You’ll want to have a brief 10 to 15 minute conversation with your lender(s), so they can learn about your personal situation and make some recommendations regarding loan programs that might be suit your short and long term goals.  It’s appropriate to do this over the phone, so that when you do meet with the lender, he or she will be able to give you specific information relative to your home buying goals.  It is not necessary to allow all of the lenders to pull your credit.  A reputable lender should be able to give you baseline information based on certain assumptions about your credit picture, or perhaps based on the score verified by one lender.  As a buyer, you will need to understand that this information is just an estimate until credit is actually verified.

For more information on obtaining your first mortgage in the Denver-area, please contact Mary Steinmeyer at 303-339-0526.

Mary Steinmeyer
Licensed MB100017382
Certified Mortgage Lender
(720) 339-0526
FAX (303) 583-8832
mary@marysteinmeyer.com
www.marysteinmeyer.com
 
Mountain Crest Mortgage
724 South Pearl Street
Denver, CO  80209
www.mountaincrest.com

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