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Posts Tagged ‘loan officer’

5 tips for First Time Home Buyers!


First, Congratulations on wanting to buy your first new home! NOW, is definately the time! This is not only an exciting time but a stressful one as well. Here are some tips to help you through the process:

1. Ask questions. Ask questions of everyone you can find. I mean EVERYONE! Chances are, they asked or experienced the same question at some point in their own lives. No question is a stupid question.

2. The first question to ask is: “Can you give me a referral to a good mortgage loan officer?” Your GOOD loan officer is going to be as valuable to you as your physician. Once you choose one, apply for your new home mortgage:

* How much do you WANT to spend?

* How much do you QUALIFY for? (these could be two radically different numbers)

* How much money will you need for your down payment?

* What, if any, issues will you need to deal with in order to qualify?

* What is the current interest rate and how much tolerance do you have for interest rate movement?

3. Once you have your qualified magic purchase price number, you need a GOOD realtor. Again, ask your sphere for a realtor referral. Interview them like they are applying for a job with you. They are! The will be “working” for you until you find your new home. You need to like them! They need to be clear about your needs/wants, available to take you out looking on your schedule and be someone you want to spend time with.

4. Start shopping! Hit the streets. What do you find? Does your price point accomodate your needs? Stay in contact with your loan officer. Do you need to tweak your pre-qualification in order to make the homes you are seeing work with your budget? What are mortgage interest rates doing?

5. Make an reasonable/realistic offer! It is a buyer’s market! You are in the driver’s seat here but be realistic. Listen to your realtor. Use their advice and make a reasonable offer!

Watch for future blogs to elaborate on each of these items. Again, buying a home can be in the top 5 most stressful things you will do in your lifetime. If you fill your sphere with knowledgeable and helpful professionals you can take a tremendous amount of stress out of the equation.

Having a dream is good, owning one is better!

Leslie Pelletiere, Owner/Broker

Proudly mortgage lending in Arizona since 1999!

First Class Financial Services

602.294.9288                    www.fcfs.net                           mortgagedr@fcfs.net

NMLS#162476 / MB#0902810

YAY! Lender LOWERS FHA credit score requirement to 580!


I ask you… IF you can get a mortgage with:

1. A 580 credit score

2. Your grandmother can gift you the 3.5% down payment

3. The seller can pay ALL your closing costs

4. (You can have ZERO contribution of your own money)

5. You do not need reserves to qualify.

6. You can get an interest rate below 5%

7. You have more inventory to choose from than eggs at an easter egg hunt.

8. You can have a new mortgage payment less than you are paying in rent.

9. You LOVE your realtor.

10. You LOVE your loan officer.

11. You HATE your roommate.

What is everyone waiting for?

Spread the word. Life is good. We need to take advantage of it!

Having a dream is good, owning one is better!

Leslie Pelletiere, Owner/Broker

First Class Financial Services, proudly mortgage lending since 1999.

602.294.9288(p)               mortgagedr@fcfs.net                www.fcfs.net

MB#0902810/ NMLS#162494