My New Blog

Q. How do I choose the right lender for me ?

I have decided to blog this question which was emailed to me from a referral source today. This client is trying to buy a home in Georgia (Kingsbay) and knows me from past real estate experiences. I have phoned and ask if they would mind if I responded to this on a blog.

First thank you for trusting me with one of the biggest decision of your life and you have my promise I will be sending you to Kingsbay’s finest agent, Betty O Shields, the Broker of RE/MAX First Coast of Georgia Realty. I have filled out the referral form and I have already spoken to Betty, she will see you on Friday 4/17/2009 at 2:30, remember you can call me for anything anytime. In the event you do not feel you are a good fit with Betty call me and I will send you a list of repeatable agents in the area(You will love her I am sure).

A. To answer your lender question:

I have been away from Kingsbay for 4 years now, which is very hard to believe. However I still have several friends in the mortgage industry in the Kingsbay area. Betty will have a good insight on lenders she likes to work with and who work well with her, which is very important (communication, is the key to a successful, less stressful closed transaction) however you should be very proactive in seeking your lender, just the same as your real estate agent.

· Ask Ms. Betty (Realtor/Broker) for her top 3 lenders

· Make a budget for your family (don’t leave anything out)

Example:

Utilities

Gas

Car/House Repairs, which will be needed over the year

Groceries

Pet cost

Entertainment

Daycare

· How much can I afforded (be truthful to yourself)

· Call each lender and set up an appointment to met with them

· Bring your list (BUDGET)

· Tell them your expectations

· What you want.

· What your needs are.

· What your fears are.

· What your expectations are.

· Bring with you to the meeting: You don’t have to give this to each lender but place in a folder and have it ready just in case you find the perfect fit right off.

2 years residence history

2years employment (LES)

2 years tax returns

Pay stubs

At least 2 years tax statements

Debts, investments, child support, payments and balances

Rental information (landlord)

Military ID and or Drivers License

VA DD214, since I know you are military (Eligibility Certificate)

· Funds to have on hand are: You may not have to come out of pocket with all of this upfront but have on hand just in case. (IN THE BANK)

o Earnest Money, $500 to $1,000 (this money goes toward your Loan so yes it still is your money) I can explain more if you need for me to or Betty can. Will go to the Real Estate Company in Georgia and you will see it again at the closing table.

o Appraisal fee is an upfront cost in Georgia $500.00

o Home Inspection $300-$500 (DO A HOME INSPECTION)

o Flood Insurance $250ish, may have changed ask Betty

o Attorneys down fee $250.00 (the seller pays this if you get them to cover your closing cost)

· Ask for a Good Faith estimation

· Compare each good faith

· Let each lender know you are interviewing and shopping around (no need to hide).

· After you have done all of your homework, sit down together and make a decision based on what you need, want you want, who can met your expectations, who answered your questions, who was the most informative for you.

Remember, it is all about you from the start to the finish. Your realtor should be there for you to help guide you in the right direction, you lender should be there for you to show you the best options and help you make good financial decisions, your inspector should be there for you to inform you as to what items are major repairs and what items are thing you can do yourself, your attorney is there to make sure the home has a good title (not cloudy title and everything is in the good of both parties). I am sure I left something out but if you have any questions feel free to call me I am here for you, even in Washington State.

What I look for in a lender for myself is honesty, trust and the long term relationship, knowing they have my BEST interest at heart. If am willing to pay more for good service, which for me is having no doubt my lender will be there for life.

To answer your next question, Who did use for my lender in Georgia for my personal home it was Navy Federal Credit Union, Stephanie Phillips and she is no longer in Georgia, she is in Hawaii (the lucky gal). Navy Federal treated Eric and I wonderful and they serviced the majority of my client’s loans in Georgia, now I enjoy the personal touch in which you don’t really get with Navy Federal in Washington, however you can give them a call and see what they have to say. Remember Betty will have 3 lenders she has developed personal long term relationship with and she taught me to always give my Clients the option, she is very responsible in making me the agent I am today.

Once again thank you for trusting me and letting me respond to your question on a blog. I think the blog is very successful and the personal touch is very important in our business.

Thank you for your trust,

Joana Hoover

RE/MAX Town and Country

Them Momentum Group Team Leader

360-362-2700