This is the question I get asked every day. When I started in this business answering a question about rates was easy. It was easy because guidelines for underwriting a home loan were very generous to say the least! Today, before we can quote rates, we need to ask numerous questions above and beyond the loan size because answers to these questions can change the rate.

 

For instance:

 · What is the purchase price?

· What is the amount of your down payment?

· What is your credit score?

· Have you been employed consistently in the same line of work for the past two years?

· What type of property are you looking at? Condo? Single-family home? Seasonal property?

· When will the closing be? 30 days? 60 days? 180 days? (Is it a short sale?---be careful)

· What type of loan program do you want?

· Do you have liquid savings after closing that can cover your payments for 6 months?

· Do you want to pay your own property taxes?


One of the benefits of working with a mortgage broker is the ability to find lenders who best match a borrower's scenario. There are lenders that might not look at credit scores and just look at the credit report. There are lenders that charge extra if you want to pay your own taxes and lenders that require that you cover 18 months of housing costs in a liquid savings account after you close on your home. We have the flexibility of choosing from dozens of lenders so we match a borrowers scenario with the lender. We call this process the "The Perfect Mortgage Match"™. Call Carl at 860-388-LOAN (5626) for more information.