TOM & CYNDEE
BROWNER - CRS,
ABR, GRIQUAD CITIES REAL ESTATE WITH RE/MAX
SERVING THE ENTIRE IOWA AND ILLINOIS QUAD CITIES ............................................................
DAVENPORT - BETTENDORF - ROCK ISLAND - MOLINE AND SURROUNDING COMMUNITIES
TOM & CYNDEE
BROWNER - CRS,
ABR, GRI
BROKER OWNERS OF RE/MAX BI-STATE - SERVING IOWA & ILLINOIS
1-563-388-0008 Office - 1-563-388-0083 Fax - 1-866-388-0083 Toll Free - 1-563-570-7629 Cell - 355-1616 Home
Have a question? The answer is just a call or e-mail away. Contact us at tom&cyndee@quadcitiesrealestate.com
We are both Accredited Buyers Representatives (Certified Buyer's Agents) we know you want to make the best decision. You want the best home possible for your investment. We know the market, and we work at your pace and not ours. We will guide you through all the forms, take you through the first time buyer programs and/or financing, inspections and explain everything each step of the way. We take care of all the details and problems before they become a problem to you. Call us on our private line at 570-7629 at RE/MAX BI-STATE or Contact us at tom&cyndee@quadcitiesrealestate.com - LOOKING TO SELL? Check out the services an Certified Residential Specialist can mean to you.
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THE LOAN PROCESS
Set up an appointment.
The first step is to make an appointment with your choice of lender. This may be a bank, savings and loan, credit union or even an e-bank. You will make an appointment and will sit down and bring in the items that are listed under loan qualification .
Pre-qualified for a loan.
At the meeting with the lender, the loan officer will make copies of all the information you brought in for your new file. Many lenders can qualify you on the computer subject of verification of information you present, finding a home, and the home appraising. Once you are prequalified, you will know how much home you qualify for. You can then look for that home within that range.
PRE-APPROVAL
Once the information you supplied the lender is verified, your status will be upgraded to pre-approved. That means that you are approved for a loan up to a maximum amount at today's interest rates. That the bank will give you a loan on any home you purchase, subject to clear title and the home appraising. This makes you a strong buyer because it tells the seller that you have your mortgage in place and if there are multiple offers on a property, you may be the stronger buyer with fewer obstacles to closing. I have seen lower offers accepted because time was important to the seller and they did not want any problems with an unknown buyer.
INTEREST RATES
Interest rates can change on a daily basis. You may not lock interest rates until you have an offer on a home. If you have found a home, you have two choices; lock or float the interest rate on your mortgage. If interest rates have just jumped, you may elect to lock the higher rate now rather than gamble the rates may raise even higher. The other choice is to float the loan in hopes that the rates will come back down. Floating is always a gamble. Sometimes the rates will come down a little and you can lock a lower rate. However, rates can go up as well, and you may be forced to take an even higher rate if interest rates continue to rise. The rate you lock in is the rate you get. The rate is not locked until you lock it with the lender. A lock is a guarantee by the lender to give you a specific interest rate.
CLOSING COST
Closing cost can change from lender to lender. Sometimes they can vary within the same lender for different programs. So when you chose a lender to give you a mortgage on that dream home, consider closing cost as part of the cost of loan acquisition. Shopping around can sometimes save you hundreds of dollars even if the actual loan programs are identical. Other times, it may be worth the extra money to get additional features like conversion privileges to fixed rate from adjusted rate mortgages. Your loan officer and realtor can assist you with these choices.
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