At what stage should a home buyer be talking to a Broker bank or lender or realtor?

 Should You Talk to a Lender First or a Real Estate Agent?

If you are simply a borrower looking for a house. That is a very early stage. Most realtors would like the borrower to engage a broker or a Loan Officer to get you a pre qualification letter. This may come for a fee. At this stage. A credit report would be pulled and loan documents requested. An assessment would be done based on your current income and expenses and credit report with a due discussion with you and choices presented on which a pre qualification letter would be given to the borrower. This is a vouching activity and the borrower can then take the Prequal letter to the realtor and present him that he does qualify for the mortgage as it's coming from a Loan Officer. That makes the case for the realtor to show you the houses.

Realtor and Mortgage Broker Relationship

OR, if the mortgage buyer already has a executed sales contract. That gives confidence to the loan officer or the bank or the lender to present you with immediate choices as you now are a very potential customer. An executed sales contract means that the borrower is serious. Has engaged a buying agent or a title company where most of the work as mentioned above is already completed and now is looking to tie the mortgage ASAP.  This is a perfect stage where anyone would jump on your case to provide you with immediate answers and choices to get the paper work rolling.

Purchase loans are sensitive loans because banks brokers and lenders understand that the borrower and the seller have commitments and hence the underwriting process and the speed is much faster than a typical refinance and is preferred over refinance mortgages.

Here again, the borrower must talk to several banks or to cut short should speak to an expert or broker who has access to several banks, their rate sheets, products, and guidelines. This saves a lot of time from the borrower’s perspective.

There are several parties involved in purchase mortgage. Seller, buyer, seller’s agent, buyer’s agent, Home inspection agent, escrow agent which in most cases is the title company, closing agent.

A home buyer’s guide is a very deep subject. The article doesn’t cover it all but we would be glad to answer you and provide you the right way forward.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154