Mortgage Blog

What should you do before purchasing a house?

July 23rd, 2009 2:05 PM by Eric Fang

I have more and more requests from purchasing houses now.
But we could do better to avoid future problems.

1)Check your credit score.

2)Get a pre-approval from a broker and lender.

3)If you need get down payment from Third Party,
please transfer at least two months earlier for loans
over 417k, one month earlier for loans less than 417k.
Otherwise, the lender will ask Gift Letter and the
translation documents if the money wired from a foreign

4)Find a trust-worthy realtor to find a dream.
You don't have to check the rate everyday. The money
you saved on the good deal is much more than the
good rate. Besides, you can refi anytime if you
have higher rates at purchase. So focus on the purchase
first, not the rate.

5)After the offer accdepted, get the inspection done as
soon as possible. This is very important as well.

6)When offer accepted, you can shop around to get a good
loan agent/broker. If the agent/broker can quote you
rate without asking you about the contract is not a good
loan orignator. talk to the Loan Originator about the options
whether to pay the closing cost or not.

7)Work with the LO to get the paperwork and close the deal

Posted in:General
Posted by Eric Fang on July 23rd, 2009 2:05 PM

I have two requests today 1)I want to have the rates today so that I can prepare the offer. My Answer: The rates are associated with fees. the higher the fees, the lower the rate. The rate is useless without the fees. It's hard for me to provide the rates when I don't know the fees unless the borrower will pay all the fees themselves. 2)My offer will be accepted on two weeks. Can you get me the GFE? Answer: First, today's rate is useless for you since the offer will be accepted in two weeks; Second, we don't know your fees until your offer accepted; it's hard to get you accurate rate and fees.
Posted by Eric Fang on July 23rd, 2009 2:12 PM



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