carriespnc asked: I’m looking to purchase a home. I know you need a good down payment, and have enough income to pay all other bills plus the new mortgage, but do you need to apply for a loan first and get accepted and then start looking for a home? Or do you find the home you want to buy and then have either the real estate company provide you with one of their home lenders or try to find a loan after that? Also, will the lender be less likely to give me the loan if I ask questions like these?
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Purchase Order Finance – PO Funding – Purchase Order Factoring – PO Factoring. For Commercial Finance Loans – Factoring Loans * Equipment Financing * Purchase Order Finance * Commercial Mortgage – IMM Financial has been in the Commercial Finance Business serving companies just like yours for over 14 years. Put our experience to work for you. We are the Cashflow Specialists.
You need to work on your budget and ensure that you’re comfortable with the repayment before jumping-in to big ticket tiem.
Purchase Order Finance – PO Funding – Purchase Order Factoring – PO Factoring. For Commercial Finance Loans – Factoring Loans * Equipment Financing * Purchase Order Finance * Commercial Mortgage – IMM Financial has been in the Commercial Finance Business serving companies just like yours for over 14 years. Put our experience to work for you. We are the Cashflow Specialists.
Get a mortgage broker that you like and trust. They are much more flexible and are armed with many banks and programs that banks and MOST real estate offices don’t have.
Get pre qualified with the broker first, so they can budget your payment and then deduce what size home you can buy. Never go shopping without a prequal. It is irritating to realtors and they may try to send you to a lender that gives them a kickback or is simply not as skilled as one you may find.
Stay away from the following banks to do business with:
Countrywide
Household (HSBC)
Beneficial
Citifinancial Mortgage
Centex Mortgage
Long Beach Mortgage Co.
Try and keep the monthly payment realistic and identical or less than your past rental payments. Avoid mortgage insurance at all costs as well. Have the broker break up the loan into an 80/20 or 80/15 or 80/10 if necessary to accomplish this.