I was having a conversation with one of my favorite loan brokers, Page Moseley of Premiere Financial and we got to talking about how tough it can be to get a loan in today's real estate market. He told me that "although mortgage rates are up this week, they are still near historic lows. But it is still a challenge to get a loan in this market. Jumbo loans can be a real challenge." Here are a few tips from Page to help you get the best loan in this credit crunch.
1. Figure out what you can afford and if this is a good time for you to buy a home. Mortgage calculators can be found all over the web. Be honest with your figures and you will get a good idea as to your purchasing power. My website has lots of tools and information to help.
2. Use a trusted source. Ask for a referral from a friend or someone who has recently gone through a purchase or refinance. Ask questions, a lot of questions and if it sounds too good to be true it probably is.
3. Things you are going to need:
· 1 months pay stubs
· 2 years Federal tax returns or W2’s
· 2 months bank statements on all accounts with money ie: savings, checking, money markets and all retirement type accounts.
If you have any questions give Page a call 818-761-6080.