For a new home buyer, applying for a mortgage can be exciting — and overwhelming. One mortgage CEO talked to MarketWatch gave three tips to help prospective...
For a new home buyer, applying for a mortgage can be exciting — and overwhelming. The paperwork involved can be dizzying. One mortgage CEO talked to MarketWatch about his top three tips that may help prospective homebuyers.
In an interview with MarketWatch, Schwartz said that instead of simply going to your broker with a bunch of financial documents, which could take six or seven days to get you a pre-approval, companies like Tomo are working to simplify the process, and everything is pulled from online databases, which considerably shortens the time it takes to get pre-approved for a mortgage.
Tip #1: Get a loan estimate First, look for transparency, Schwartz said. And that starts with getting a loan estimate. If you have multiple loan estimates, you can compare them and see which lender offers you the best deal. And if one lender is offering a lower-than-usual rate, you can use that offer to shop around with others, and negotiate.
“We recommend customers look at multiple loan scenarios, based in particular on how much money they’re willing to put down in the down payments,” Schwartz said.
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