Mortgage Loan Q & A
First time Home Buyers about to move…need advice?
Hello, My husband and I are about to be relocated from Miami with the military to the panhandle of Florida where we want to buy a home. He has a steady income, but I’m leaving my good job next month for the unknown.
1. Can I get us approved for a home loan in Miami while I have a good job and then go to our new city and just pick a house? (Is it like getting approved for a car and going to pick your car?)
2. Should I go to Wells Fargo Mortgage center? We have both had accts in good standing since 96 & 2001. Or should I go with a “broker?”
3. What is a broker and where do I find one?
4. I hear I should only get a fixed rate 30 year loan. Everyone agree?
5. What other information should I know before jumping into this project?
I was going to go tomorrow to get information about applying for a home loan since our move is coming soon, but knew I could count on Y! Answers.
Thanks for your time!
1. Yes and yes
2. Yes and shop around.
3. A broker is a middleman. He is between you and the lender. He will shop for you. You can go straight to the lender if you like as opposed to using a broker. Brokers can be found online. Regardless of whom you borrow from, ask what the “origination fee” is. In other words “how much” for making the loan. It varies significantly. It is typically around 1% here in SC but I have seen buyers preparing to sign up to 4% unknowingly.
4. My personal preference is the 30 or 40yr fixed.
5. You should know that a good real estate agent will protect you, do leg work, and provide answers to questions. You should also know that the buyer typcally pays nothing for the use of a “buyers agent”.
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