Pay attention to financing when buying a home
Tuesday, June 17, 2008 at 10:08AM Not profound advice, but things are changing and I have had too many financing problems with transactions lately to assume everyone understands just how much it has changed.
If you are using a mortgage broker, make sure your broker understands all the lender's new rules and regulations. If they don't, everbody will think they have a good deal until the underwriter kicks it out 24 hrs before closing. This happens.
The key is to make sure you demand good information and that the broker is checking on the loan with the lender and knows exactly what troubles might pop up -- then address these problems in plenty of time to do something about them.
Banks are tightening up and it's important for a buyer to use an experienced broker who is on top of the changes, or go directly through the bank/lender. Brokers can be good finding the best rates and best loan package, but if they aren't on top of the current lender rules and regulations, it doesn't matter what they got in the beginning, in the end is the problem.
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