A BOUTIQUE APPROACH TO RESIDENTIAL AND COMMERCIAL MORTGAGE LOANS
MB 0909139 - NMLS 149831, 150379
10 Biggest mistakes when purchasing a home:
Making an offer on a home without being prequalified
Not having a home inspection
Limiting your search to open houses or the internet
Choosing a real estate professional that does not meet your needs
Thinking there is only one "perfect" house
Not evaluating long term needs
Review insurance requirement and potential issues
Not buying a home protection plan
Not knowing your total costs of the transaction
Not following through on researchType your paragraph here.
Shopping for Mortgages:
1. The best place to start is to determine the level of knowledge the lender has. A good question to ask is "What index or market do you follow to gauge mortgage interest rates?" Often you will hear "The 10 year treasury" This is NOT the correct answer. An educated lender/Loan Officer will follow the Mortgage Backed Security market (MBS). If your loan officer is not watching the right market, how can they ultimately help you? Autobahn Mortgage LLC has real time access to the MBS market and follows the movement closely. This helps in advising when to lock.
2. Call for rates and fees on the same day. For example, If you are trying to get the best rate of three lenders you should call each one as close together as possible in order to eliminate market changes from affecting your quotes. The MBS market (mentioned above) moves swiftly at times and rates can change multiple times in a day. We believe there is much more to a mortgage then rates and fees.
3. Communication is the next critical factor. If the lender is taking days to return your phone calls, or is not available on weekends you should consider looking elsewhere. We advise our clients to call us anytime, literally, to answer your questions. Most questions are quick and can save a lot of lost sleep.