Mortgage Information for First Time Buyers

If you are getting ready to buy your first Fairbanks home or North Pole real estate, you will probably be obtaining a loan through a mortgage broker, bank or some other lending institution. But how do you know what they are going to do and how do you know if you are getting a good deal?

Here are some tips when applying for a loan.

• Know your finances

The very first thing any new home buyer should do is have a secure knowledge of your finances. This means more then just being able to balance your checkbook. You should retain copies of your credit report through a couple of sources and make sure you are fully aware of all your credit history, assets and liabilities. A couple companies that do this are Experian and Equifax

•  Get Pre-approved

Now this is your chance to shop for the best deal and the best service. There are many lenders you can choose. Mortgage brokers typically cost more in closing cost  fees but their sphere of influence and accessibility to loans is very broad. They can find many options for you where as a bank sells you their specific loan. Credit Unions are good choices but again, you may not have many choices of loans and they can tend to be stricter if your credit is not very high.

• Supply Documents

Once you have chosen the lender, they will need specific documents to complete the loan once you have made an offer on a home. They will need tax documents, W-2's, bank statements, and any assests and liabilities you may have such as child support or  retirements account information. Before you even begin the first process, now is a good time to start collecting these items.

•  Stay in contact with your lender.

If they don't keep in contact with you, you need to be sure they are on top of the loan. If not, you are more then capable of finding a new lender. A great lender should lock in a great rate for you, keep you abreast of the process and help you tie up any loose ends along the way.

For more information for buyers on getting a mortgage please email me and let me know how I can help. I specialize in helping first time home buyers in the Fairbanks AK real estate area.