One of the most important first steps that Farmington Hills home buyers should take today is contacting a mortgage representative and getting pre-approved for their Farmington Hills home purchase. The mortgage representative can answer many questions for Farmington Hills home buyers. One of the most important questions should be, “What can I Afford?”. Sometimes home buyers have certain monthly payments in mind. By speaking with a Farmington Hills mortgage representative, these home buyers will find that the reality of interest rates, home prices, property taxes, and insurance for the home either support or deflate their thoughts/ideas on being able to afford a Farmington Hills home with appropriate monthly payments.

Rather than wasting time searching for Farmington Hills homes they may not be able to afford, home buyers are much better off spending their initial time with the mortgage representative finding out accurate information before ever walking into a home. This is true for the first time Farmington Hills home buyer and the more experienced home buyer.

The second time/third time Farmington Hills home buyers may be in for surprises depending on how long it has been since their last purchase. The Farmington Hills rates today could be better or worse and their credit could be better or worse. One thing that is definitely better today are the Farmington Hills housing prices. Home buyers may find that they are able to afford a much larger Farmington Hills home with many more amenities than the one they previously bought for a similar or slightly higher price.

Your Farmington Hills real estate agent will have recommendations for good and reputable mortgage representatives. Home buyers do not want to get to the closing table only to find out that the Farmington Hills mortgage company and/or representative that they chose to work with is no longer in business and cannot fund the loan. In tumultuous financial times like these, home buyers need to know that the Farmington Hills mortgage company they are dealing with is not facing extinction.

As a home buyer, you also want to make sure that the closing costs you are being charged are not out of line with the average industry rates/charges. You probably don’t need to pay extra points unless that is your choice. Farmington Hills home buyers need to have all of the costs spelled out and disclosed clearly at time of initial inquiry with a lender. You are more than welcome to shop around to see what other institutions are charging, not paying fees for a quote. Most of the institutions offer competitive rates and costs as they want to secure new business.

Need a Farmington Hills mortgage referral? Let me know…

Posted on Tuesday, February 3rd, 2009 at 1:58 pm and is filed under Home Buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.