With mortgages, there is no “one-size fits all”. Mortgages (and the rates) vary according to your personal situation: income, debts, down payment, credit score and so many more items. Your best source for mortgage information is a local, experienced, mortgage broker. If you don’t know one, contact me for an introduction to my preferred lender.
Fannie Mae, which indirectly finances the fast majority of mortgages in the US, recently did a study on the most influential sources of mortgage information. Here’s what they found
This shows we have a lot of smart people in this country. Almost one third relied on a mortgage lender. Slightly fewer named their Realtor. Before I get too flattered with that, a Realtor is not the best source of mortgage information. If you ask me about mortgages I’ll tell you exactly that and introduce you to my preferred lender, who is a mortgage broker. Next most often used, family and friends, may be a good source if they’ve recently financed a home purchase (but the best mortgage for you is almost certainly not the same as the mortgage your family or friend got). The best source remains a mortgage broker. The reason is that mortgages are so varied and complex (and changing) today that you have to be in the business every day to have good, up to date, knowledge of what’s available that best matches for a particular borrower. A mortgage broker has access to dozens of mortgage sources and probably works with 8-10 on a daily basis. They are the best place to find the best mortgage for you.
We continue to buy ever larger homes, now average 2700 SqFt (up 1,000 from 1973). 41% of renters wish they’d bought. Full details here.
I just learned of a new down payment match offer from Guild Mortgage, the largest local mortgage lender in the NW. It’s really simple: you put up 1% of the purchase price of a home and Guild makes a grant of 2% so you qualify for a conventional 3% down payment mortgage. Yes, you just tripled your money. You can buy a $350,000 home with only $3,500 of your money down (plus closing costs). You could buy a nice $100,000 condo with $1,000 down. There’s even more good news in the fine print in the detail flyer my preferred lender, Kelly Parkman at Guild, gave me today
And here’s a short video of Kelly himself explaining it. We’ve worked together for five years and I’ve never seen him so excited.
Contact Kelly at 503/528-9800 or KParkman@GuildMortgage.net or contact me and I’ll help, too