Most people buying real estate are not going to have it given to them.
Most first time home buyers are not going to have the funds on hand to buy real estate without needing a mortgage.
Therefore, our best first step for most first time home buyers is the act of qualification.
I will explain in detail this process and give insight into some of the basic definitions which pertain to real estate lenders, in the Santa Clarita Valley and elsewhere.
If you are located outside of the Santa Clarita Valley, this article works too. – also to piggy back – if you want to hire a Top real estate agent in ___________, then just email Best Santa Clarita Connor and let me know where!
The definitions and procedures are universal to the United State of America. Why the USA only? Because some countries don’t allow for financing real estate – in those places buying real estate is a cash only option.
There are three basic types of real estate lenders:
- Main Line Banks – Citi, Wells Fargo, Bank of America, Union Bank, U.S. Bank and others.
- Credit Unions – Los Angeles Police Federal Credit Union – LAPFCU, Logix Credit Union, the Actors Credit Union, etc.
- Mortgage Brokers – Augusta Financial and many others.
The best first step is connecting with a real estate lender via a real estate agent. If the agent you select is worth their “salt”, they will run interference between you and the lender. It should stand that the agent refers business to the real estate lender because they do a good job. Not because they are “giving something” back to the realtor. In fact, this is illegal.
If you come to the table with your own lender, your real estate agent should make the effort, after you introduce them, to be on top of that lender to make sure they are helping you obtain a home loan which is in your best interest.
At the end of the day, you should be able to use whomever you want to obtain a loan. Just make sure they are good communicators, have a good system so you are not having to send the same documents more than once, and don’t cause unnecessary delays which may cost you money or worse – the home you are wanting to buy.
I’m Connor MacIvor and Getting prequalified is the one top steps to owning real estate. There could me items on your credit report, unbeknownst to you, that need to be fixed in order to move forward with a home loan. A good lender will be able to identify these issues and point you in the right direction to getting qualified for a home loan.
Let me know how I may apply to be your Realtor in the Santa Clarita Valley Cities. And to be totally on the level, I am sure I can serve your needs outside of the SCV Cities. The decision is yours, I just want to be interviewed 🙂