Archive for September, 2008
My closing date for my mortgage is coming up quickly! I’ll be moving in mid November if all goes as planned. I need to go measure the house up to see how much our floors are going to be, and so I can make an effective plan for the house. I can’t wait!
I just got through the headache and trauma of my first mortgage, and I’d like to share with you some tips.
* Don’t use a real estate agent. Why? Because they will end up bringing your cost WAY up. Be your own agent, and do some research.
* Find a mortgage advisor. If you’re from Utah, I recommend Delta Financial Group, they do the hard work for you, it’s great having someone who knows what they are doing to answer any of your questions. Delta has been very professional and proficient in getting me squared away, and filling me in on mortgage and legal lingo.
* Be prepared to furnish the following documentation: 2 years W-2 forms, 30 days pay stubs, the dreaded “Real Estate Purchase Contract” — 6 pages of awesome, a proposed budget (they want to see you have planned how you’re going to afford this house), and current bank statements.
* Be patient, underwriting will always throw a wrench in your gears. I personally think they like to make you suffer and they get off on it. But keep optimistic, your mortgage advisor will give you the strait dope, because if they deal isn’t going to work out, they aren’t going to get paid, so you’ll know.
* Talk to an insurance agent to get home owner’s insurance setup, and give them the contact information for your mortgage advisor. You have to have this insurance established in order to get the loan. A useful tip is to ask the seller who their insurance company is for the house, if they are comfortable telling you, it will make your life easier because they will know what’s up with your house, and save you a lot of paperwork if you choose to go with the same insurance agency.
* In your Real Estate Purchase Contract try your hardest to make the seller responsible for existing damages to the house. This might be a deal breaker, so don’t push too hard. Be flexible.