2.1.2 Meet with Lenders and Real Estate Agents
Meet with Lenders and Real Estate Agents
Interview ProfessionalsTo start the home buying process, meet with lenders and real estate agents. At a minimum, you'll gain an understanding of the process and your available options. If, in the end, you decide that you prefer working on your own, at least you will have picked up some useful information. There are great resources available to you at little or no cost. Use them.
Meet with a LenderDuring a one hour meeting with a loan officer, you should be able to find out how much you can borrow. A lender can explain different mortgage loan terms and discuss the advantages of each. He or she will describe 15- or 30-year fixed rate loans and estimate how much your payment would be. They'll explain how you could extend that with an adjustable or balloon mortgage, and whether that's right for you. Furthermore, a lender can tell you how much you could afford if you limit yourself to the monthly payment you’re comfortable with. Finally, you'll want to know how much cash you will need to complete the purchase. If you are short of cash, they can provide you with sources available to help you raise it. There are a wide variety of assistance programs for home buyers who need cash for a down payment and/or closing costs.
We Recommend These Four Reliable LendersThe loan officer you meet with to begin the process of obtaining a loan is not the lender’s gatekeeper but your “loan coach.” Their job is to identify the loan that best meets your needs and to find a way to help you get it. We recommend these four reliable lenders. Our office has worked with each one and they have done a good job for our clients.
- Terri Wolf; Premier Mortgage Boulder; 303.530.7362 firstname.lastname@example.org
- Mike Roth; Elevations Credit Union; 303.402.5455 email@example.com
- Chris Cullen; Elevations Credit Union; 720.652.7101 Chris.Cullen@ElevationsCU.com
- Kerrin Reichen; Cornerstone Home Lending, Inc; 303.926.0070 KReichen@houseloan.com