So you've searched and searched with your Realtor and finally found the "perfect" house. You looked at all types of designs, floor plans, lot locations and sizes, decided your wants and needs, and finally found the one that matches, or at least comes as close as you're ever likely to be. Now you need to pay for it. Unless you're one of the few who can just write a check for the entire purchase, this means getting a mortgage.
Now, as I mentioned in my book, The Complete Idiot's Guide to Buying a Home, there are many different ways to borrow to complete your purchase. However, the most common way is to obtain a loan from a bank, either by going directly to your bank or through a mortgage broker. However, since the financial meltdown of four years ago, this has frequently become an exercise in frustration. However, you can get a mortgage, at a reasonable interest rate (currently just under 4% for 30 years), and minimize the aggravation that recently has become all too common.
According to Mark Greene in Forbes, the way to do this is to get what he calls the "Perfect Loan". But when you look a bit closer at the item, you find that lenders realize there isn't such a thing. Rather, it's the "Perfect Loan File". All the right documents, proper underwriting, and so on. In essence, it's an updated game of CYA (Cover Your A--). Lenders have always played this game to some degree, but now, they are much more dogmatic about it. It usually involves providing copies of every piece of information about your financial life from the day you reached legal age. If you have questions, check with your lender, or give a call to our experts at Mortgage Service Professionals: (415) 345-3006.
And while you're at it, if you haven't called a Realtor to not only help you find that perfect home, but also to get yours sold, give us a call: Peter: (415) 279-6466 or Jane: (415) 531-4091. You'll be glad you did!