If I were Your Real Estate Agent and You were my Buyer... North Georgia Blue Ridge Mountains

I would treat your transaction as if it were my own, so when it comes to obtaining a mortgage, I would tell you to:

Scrutinize your credit report
Clean up any discrepancies
Be prepared to explain to creditors any negative hits
Obtain letters from past creditors that clear any negative hits
Supply these letters to the three major credit bureaus to either have the discrepancy removed or have the letter attached as further documentation
Credit Bureau: Equifax, Experian, TransUnion

Shop 'til you drop for the right mortgage

• Mortgage brokers
• Mortgage lenders
• Banks
• Credit unions
• Look up any terms you do not understand Mortgage Glossary

Understand ALL $$$ costs associated with your loan

• Broker fees
• Origination fees
• Underwriting fees
• Administrative Costs
• Mortgage payment
• Mortgage insurance (PMI)
• Interest rate (Annual Percentage Rate APR)
• Yield Spread Premiums
• Commissions
• Escrow
• Closing Costs
• Be sure every single fee is explained and that you understand what, why and how much they cost
• Use the FDIC's (Federal Deposit Insurance Corporation)
• Mortgage Shopping Worksheet

Understand the terms of your loan

• How much down payment is required
• Term of the loan
• Fixed Rate (FRM) vs. Adjustable Rate Mortgage (ARM)
• ARMs - Ask What, When and How
• What is the starting rate and What is the ceiling
• When and How will adjustments happen
• How much will an adjustment cost
• Negotiate the fees of your loan
• Make sure the lender hasn't reduced one fee and raised another
• Lock in when you are satisfied with your loan rate and terms
• Try to lock in other fees as well
• Request a written lock-in letter from your lender
• Request a written loan commitment that guarantees the terms you have locked into. This carries a tremendous amount of weight with a home seller.
• Understand and know the expiration of your lock in and what happens when it expires.

If I were your Real Estate Agent and you were my Buyer - I would tell you to contact me with questions and ask me for referrals of competitive and reputable mortgage lenders.

I welcome the opportunity to be your Real Estate Agent: Please read more about Buyer Representation.

Donna Yates, Georgia Realtor
North Georgia Blue Ridge Mountains
Mountain Investments of North Georgia
706-633-0644 cell
donna@ellijay.com
www.move2northgeorgia.net

Copyright: Donna Yates, Georgia Realtor, North Georgia Blue Ridge Mountains January 2008

Updated 1-27-08 to add the three major credit bureaus