ShareThisHow to Get Mortgage Financing in 2011!
In my last blog post I quoted the Federal Reserve Chairman, Ben Bernanke who stated at the international monetary conference in Atlanta Georgia a few weeks ago that “despite historically affordable home values, many buyers are unable to access financing due to tightened lending standards.†While this statement is true, there are a couple of things you can do to that will help you get financing and make the process a little smoother.
1. Start the home buying process early. If your goal is to purchase a home in 2012 you should start getting prepared now. Get a free copy of your credit report from AnnualCreditReport.com.
2. Contact a lender (loan officer). After you get your report contact a lender and tell him/her that you want to review your credit report so you can become mortgage ready. I have my clients met with lenders up to a year in advance to get prepared for homeownership. When you start the process early this will allow you time to increase your credit scores so you can get the best pricing (better interest rates). Most people wait until their lease is about to expire and then they decide to purchase a home instead of renting, but they are not what we call “mortgage ready.”
3. Follow the game plan. If you follow the game plan your lender and I provide this will help your odds of getting financing with less stress. The market has changed since the so-called boom your loan must make sense to the lender.
If you start early, get your report, meet with a lender and follow the game plan you can make the process a lot easier on yourself and more enjoyable. If you need a good lender to guide you through the steps contact me and I will send you a list.
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