Condos, Condos, Condos!

Financing Condos has become a very challenging task in today's mortgage market.  It is more important than ever to choose the right lender from the start to help you close on your condo.  As a mortgage broker, we have access to many different types of lenders, which will help you successfully go through the loan process with the right bank.  It is also very important with condos to have all the necessary documents when you are listing or buying  the condo, in order to provide  the lending institution what is needed from the beginning.

FHA or Conventional??

One of the most common questions I get from clients and real estate agents is, "What type of loan is better, FHA or Conventional?"  Both loans are great financing options, it is more a matter of where you fit in to each program.  You need to look at credit scores, where your money is coming from how much seller's assistanc you need, and what the mortgage insurance factor is for each loan. 

Credit Scores

Credit Scores are the base factor on deciding if and what type of a mortgage that you can obtain.  In this blog, I explain briefly what credit score ranges are and where your credit scores need to be in order to finance a home.

Costs associated with your Credit Score

In additional to the normal closing costs and pre-paid items that you incur when you purchase or refinance a home, there are additional costs that are charged depending on your credit score and other factors of your loan.  In this weeks blog, I explain an example of one of these costs and how they are determined.  These costs are not created by the banks that lend the money, but by the secondary market that sets the rules for all lending institutions.  Please see these costs summarized below.

Get Pre-approved from the start!

Getting pre-approved is the first thing you should do if you are considering purchasing a home or refinancing your current home.  It is a very simple and quick process that should only take minutes to get started.  You will set yourself apart from other buyers by being pre-approved as well as having confidence that you have looked into your financing options before writing up an offer.

Don't just shop for the best interest rate!

In today's blog, I am talking about shopping for the best mortgage.  Many people think that by getting the best interest rate, they are getting the best mortgage.  This is not true.  You need to learn how to shop for the best mortgage program and find a lender/mortgage consultant who offers a variety of products.

Introduction to the new mortgage broker blog!!

Thanks for visiting my first blog of many to come.  I hope you find the information here helpful and valuable.  If you have any questions, commments or requests, please e-mail me at Megan@SelectMortgageErie.com