Find Your Home Columbus

Finding a Lender

The very first thing one should do if you are thinking about purchasing a home is get your financing in order. You will need to choose a lender that you find it easy to communicate with. One that will answer your questions in a way that you understand. It is wise to choose a lender who is with a bank or mortgage company that is reputable. I recommend interviewing several lenders. This allows you the opportunity to get your questions answered by several and will help you to make a more educated decision about which lender is right for you.

Your initial sit down with a mortgage lender should include discussion about your income, debts, credit scores and how much down payment you have or will have on hand at closing. Things the lender will need are W-2’s, Pay stubs,  2 to 4 months bank statements and last years tax return.

Below you’ll find a list of initial questions you should ask your prospective lenders.

1. What price range do I qualify for? This amount is usually more than most first time buyers are comfortable spending. Have a discussion about what amount you are comfortable with as your monthly payment.

2. How much closing cost will I need to pay? This is money for escrows, transfers, attorneys fees, title fees. etc. The lender will be able to define all of these fees for you. If closing costs are a problem for you, consult your realtor to discuss writing closing costs into your purchase contract.

3. How long will it take to get a clear to close? This is the number of days that they will need to get all the paperwork in order for a close.

4.How much down payment will I need? Will I have to pay PMI? (Private Mortgage Insurance)

There are many loan programs out there that might meet your needs. A good lender will be able to discern, after talking with you, which may be best suited for you.

It is painless and will take less than an hour of your time to get this part of the process behind you. Many lenders can take much of your information over the phone to get started before meeting with you. The lender will provide you with a pre approval letter that will allow you to begin looking at homes with your REALTOR®.

A good fit with your lender is very important, as this will need to be someone you can easily communicate with and someone who you trust to always have your best interest at heart. Much like the fit you need to have with your REALTOR®.

If you are interested in local Columbus lenders and their contact information contact me at Cindy@CindySpeth.com