Berkshire Mortgage Corporation
7 Success Tips For Buyers
Berkshire Mortgage
2240 Ridgewood Road
Wyomissing, PA 19610
610-288-1827
800-955-1720
Buying a home is one of the largest investments most consumers will ever make. The educated borrower will make the process of purchasing a home much less stressful if they do their homework when the time comes to buy their house.
Get
Pre-Qualified.
By getting qualified before you start
looking for a house, you will have the luxury of more negotiating
clout with the seller. In situations where there are more than
one offer on a house, the pre-qualified borrower may get the house of
their dreams and save thousands of dollars as a result of being in a
better negotiating situation.
Choose
the Right Lender.
Shop for a lender who is qualified and interested in
putting you in the right loan program. Don't assume that you
have to choose the lender that the realtor referred to you.
A mortgage broker may be able to direct you to the
best loan program for your needs.
Understand
Your Interest Rate and Closing Fees.
Most lenders
can promise low rates, but look at the whole picture. Some
lenders add in hidden costs. Make sure you are comfortable with the
fees you are paying to get the rate you want. You should feel
comfortable that the loan officer you deal with is committed to your
best interests and will follow through with their promises.
Get Rate Lock in Writing.
If the mortgage company says they
have locked you in to a rate, get the details in writing: interest
rate, length of lock, and any other details of the program.
Be Careful if Using a Dual Real Estate
Agent.
If the buyer
and seller are using the same agent, it is very difficult for that
agent to have the best interests of both the buyer and seller.
Try to have your agent working for you.
Get a Professional Inspection.
If a professional home
inspector states that there are repairs to be made, the seller will be
more likely to agree to do them. The inspection gives the buyer
more negotiating power.
Get a Written Contract.
Make sure any verbal commitments are
put into the written contract. Buying a house is a very complex
process, but can be simplified when everything is in writing.
BMC is a wholly-owned
subsidiary of
Berkshire Advisors, Inc. Financial Services