Congrats, you must be starting your home search!
The first step is to get pre-approved for a loan. It usually doesn’t take long (a few days or so), but you’ll want to get started ASAP so you’re ready to go as soon as the right house comes up.
When selecting a lender, there are two different routes to take – big banks or mortgage brokers.
#1 Big Banks | Wells Fargo, BofA, Chase, Citibank, etc.
If your situation is “clean” meaning you’re a W2 employee and your income is fully documented, I suggest you talk with the big banks. They usually offer the best rates – you just have to fit perfectly within their lending requirements in order to qualify.
With an existing relationship and/or large deposits with your current bank, they often offer larger rate discounts as well.
I recommend speaking with at least two of the big banks, although most banks tend to match each others rates, I always push for second opinions.
#2 Private Lending/Mortgage Brokers
If your situation is a little more complicated (i.e. self employed, credit challenges, unverifiable income), you’ll want to speak with a mortgage broker.
A mortgage broker has access to many more creative financing options, such as, private money lenders who allow stated income and lower credit scores. Most have several programs for those who don’t quite fit the big bank guidelines.
Your rate may be a little higher than on a standard loan, but you’ll be able to secure financing not available from a big bank.
For a mortgage broker, I recommend:
Harry Geozian | (818) 709-3600 – hgeozian@chasefinancial.com
Harry will guide you through all available lending programs that may work for you.
I hope this helps! And let me know how it goes.
We’ve worked with all these mortgage consultants in the past and find they take great care of our clients and offer great rates. Give them a call and tell them Michael Rice sent you.
Also, give me a call!
I’ve helped hundreds of people find their Conejo Valley home, I’d love to help you too!
