So its happened; you’ve found the place you were always looking for. The home that you have always imagined and dreamed about, where everything is perfect or just about as good as it could be! However, as with so many of the best things, it comes at a high price so what do you do? Right now, you are lucky in that the US housing market is showing real signs of stability and growth, with historically low mortgage rates that create a perfect opportunity for you to finance that dream home you have always wanted.
So where to start? To make things clearer, I’m going to use an example; let’s say you’ve found your dream home in Miami, that beautiful waterfront property with the heated swimming pool you have always wanted. For obvious reasons this dream home is going to be expensive but who can put a price on happiness anyway! Careful examination of your finances is important at this point, buying a home is one of the most important decisions in your life and you need to make sure that you are in a suitable financial situation to make such a commitment; you will potentially be expected to finance a deposit on the home, along with other possible expenses such as surveyors or broker fees. It is therefore essential that you are in a comfortable position from which to proceed.
The next step would be to contact a local mortgage broker; a possible alternative is to contact a direct lender, however a broker will have a wider range of lenders on hand and greater expertise in acquiring you a mortgage. So, returning to the example, you now know you are in a stable financial situation to fund a Miami jumbo mortgage; from this point you need to apply for a mortgage loan and its during this application process that an experienced mortgage broker can make all the difference. If you have particular financial needs, a good broker could still potentially arrange a mortgage with a direct lender, meaning that you can still finance that dream home! Effectively, you are paying for expertise and a wide range of direct lenders that can potentially get you a better loan. However you do need to be prepared to be assessed on your job tenure, employment stability, assets and your liabilities (such as household expenses and other loans).
Central to acquiring a good mortgage will be your credit status, which will also be checked by a mortgage broker to see if you are eligible to receive a loan. In this way, you should be able to arrange a mortgage that will allow you to finance your dream home; the trick is finding an experienced mortgage broker who can then act as an intermediary between you and the lenders, to ensure you do get a great rate and can get that home you have always wanted.