Home Lenders
What can I expect from lenders if I have $ 100k to put down on a home and want to buy one for $ 230k?
I have OK credit and my wife have little / no credit. Will a lender automatically want our business ($ 100k is a lot to put in their box) Will a lender gives us the best price available when we have so much to put down? We have begun to look at housing – the lenders are next. Any help would be greatly appreciated. Thank you.
You actually should have started the other way around. Find a good mortgage broker and get him to search for the best deals. A good broker should be linked to at least three, if not more lenders. Get pre-qualified/pre-approved. Let he banks tell you how much they will lend you, not how much you want to borrow. Once you have prior approval you will then know how much house you can afford (not necessarily how you want to buy). Tell them in advance of your payment (remember, not all of that $ 100K goes to equity, will be closing costs to pay). Now you can look for a house in your price category (the $ 230K). By being pre-approved, you can get a slightly better deal, since the seller will know that the chance of financing falls through is smaller. (I'll be honest, the last two times I've funded I have spent LendingTree.com and I've been incredibly pleased.) Good luck with house hunting.