Buying a home is likely to be one of, if not the, largest purchases in your lifetime. Choosing the right mortgage, and mortgage lender, is a critical step in the process. So, where should you begin?
Focus on Mortgage First 
First, a lender can help you narrow down your desired price range, both in terms of what you will qualify for, and also in terms of what is comfortable. Having a thorough understanding of how much cash you’ll need for a down payment and closing costs is essential to know before you begin to formulate a negotiating strategy.
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A mortgage is a long-term financial obligation and the rate you pay greatly affects the overall cost of buying your new home. A 0.5% difference in rate, for example, can save or cost you tens of thousands of dollars over the life of a loan. Accordingly it is important to shop around.
Shop For Your Lender Before You Shop For Your House
Today’s sellers won’t accept an offer until they can review a written pre-approval letter. Many sellers and their listing agents prefer that pre-approval letter comes from a reputable local lender. This can give you a negotiating edge if there are multiple prospective buyers for the same property.
Where Should You Start?
At Liz Moore & Associates, we strongly recommend using a proven local lender. Because we sell thousands of homes every year, we have a lot of experience with which mortgage companies offer the best products and the best service.
Are you thinking about starting the home buying process? Talking to a local lender is a great first step! Contact McKim Beale, with TowneBank Mortgage, at mckim.beale@townebankmortgage.com and he can help get you started.