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    Financing Tips

    There are several ways to finance the purchase of a home. If the purchase is for a primary residence, then a good mortgage banker can provide you with a range of products from conventional mortgages to VA, FHA, Jumbo and other options as well to sure a purchase money mortgage. A mortgage banker can solicit pricing from a variety of lenders to give you the best possible choices. If the purchase is for a second home, buyers will sometimes choose to take a home equity loan on their primary residence rather than use a purchase money mortgage to buy their second home. Sometimes, buyers will use an asset based financing that allows them to leverage a financial portfolio without selling their positions allowing them to cash out a portion of the portfolio value. There are many options so be sure to check with you financial advisor and get a great mortgage banker recommendation.

    Buyers will often go to their regular bank because they feel they have a relationship in place already and that their bank is best positioned to assist them with a mortgage. This may or may not true! Be sure to collaborate with a great mortgage banker who is familiar with your target market and has successfully closed loans in that market. I’m am happy to connect you with an excellent, local banker — Just Ask!

    While the list below may seem obvious, please check it thoroughly if you plan on financing the purchase of your home. Do Not do any of the following or your loan process may be arduous and unsuccessful:

    • Quit, change your job or get fired
    • Buy any large ticket items like a car or a boat
    • Make untraceable deposits
    • Be less than truthful with your banker about alimony, child support or any other payroll reductions
    • Forget to get a gift letter from any one giving you funds
    • Use a variation of your name that differs from your drivers license
    • Work with an attorney who does not specialize in real estate
    • Work with a bank that is not local
    • Cosign on a loan or credit card for another person
    • Have your credit pulled other than by the loan officer you are working with
    • Take out new credit
    • Discuss your transaction on Social Media

    Feel free to reach out to us to discuss in further detail the financing your home purchase!