Friday, March 9, 2007

Finding a Mortgage when You Have Little Money in Your Pocket

Mortgages can be tricky. It is hard to decide which mortgage is right for you when you are unsure if you can afford a home. In fact, if you are in the market for a home, then you likely need to begin talking with a mortgage broker before you begin your search for homes.

Sometimes, national real estate chains with real estate offices across the county will have mortgage counseling available through their licensed real estate agents. These agents are able to tell you what you can afford and let you know what you need to do to begin to look a little more appealing to a loan officer. Then, in all likelihood, they can point you in the direction of a good loan officer at a local mortgage company or bank.

If you don’t have very much money, then the real estate agent can tell you what you can afford before you begin to talk with a mortgage loan officer. If you are unsure how much money you will need for a down payment, then real estate agents can tell you about how much money you will need for the down payment, loan application fees as well as an approximate guess on how much closing costs will run you on the home you are considering for purchase.

Century 21 Agents as well as Remax Real Estate agents are able to help you significantly with the tools their corporate offices makes available to their agents. In addition to the tools which are available to the real estate agents through national support, many national agencies now offer some extra perks through mortgage lending affiliations. This is something you will need to ask a real estate agent about when you begin to work with them on your financing.

When you are searching for mortgages with little to no money in your pocket, then you need a real estate agent and a mortgage loan officer who will help you save money where you can, while at the same time securing the best loan you can secure. Search your local listings for real estate agents in your area and ask around the community for recommendations. A good loan officer along with a good real estate agent will save you money down the road especially if you don’t have a lot of it at the time you choose to purchase your home!