If you wake up in a cold sweat in the middle of the night wondering, “how I am going to get a mortgage loan to pay for our families dream home?” Well, you have come to the right blog. During the course of this blog, I will introduce you to what it takes as a get a mortgage, information that is available on-line for the first time home buyer to become more informed to get the best deal possible and communicating through social media with your mortgage lender?
One of the biggest decisions in life after deciding who to marry is the purchase of the house that you are going to live in. You have a good job and have recently found the perfect home and now you need to get a mortgage loan to pay for it.
Well today in 2013, it is not as easy to get a mortgage now as it was in the 2006 when banks were giving out sub-prime mortgages with no money down and adjustable rate mortgages.
1) If you are asking yourself “what do I need to do to get a mortgage loan in 2013?”
The first thing you need is a credit score of at least 732 which means that you pay your bills on-time and you are a risk by the bank. Recently, however one third of the home buyers with in the last month had credit scores under 700 and they were able to close their loans.
Start saving for a down payment on a home. Unlike myself, who is received an adjustable mortgage and did not have a down payment. Yes, I now have a fixed mortgage and no I will not give you my address so that you can throw rocks at my windows. The average down payment is 19% down from 22% last year. So, let’s say your want to buy a house that costs $200,000 (check PropertySearch.Net for good real estate deals) then you will need a down payment of $36,000. The more money on your down payment will reduce your monthly mortgage payment.
2) Where can I shop on-line for mortgage loans and do any banks or lenders have an application for my phone?
There are many lenders that are on-line including Lending Tree, Quicken Loans and Discover Home Loans where you can get pre-approved for a mortgage. All it takes is simply provide basic information about your desired mortgage and your employment and credit history. You will either get an online response or a call from a representative who can verify your pre-approval and provide information about how much you will be approved for.
Of the above lenders, Lending Tree is unique because they can match you with up to five different banks. With Lending Tree, you can:
- Sort and compare your offers instantly
- Read lender reviews and ratings
- View loan details in a simple, easy-to-read format (moneyunder30.com)
If you enjoy using your phone to do business and have a job where you are constantly traveling then Quicken Loans has an application for your smart phone. The app enables clients to apply for a home loan from the palm of their hand with the launch of “MyQL Mobile.” The app, available for the iPhone, iPod touch and iPad, guides clients from their initial application to the closing table, all part of the company’s mission to provide a home loan experience that is “Engineered to Amaze.”
My QL Mobile by Quicken Loans simplifies the complicated mortgage process by providing real-time home loan status updates, immediate access to a home loan expert with the touch of a button, and an interactive list of all loan documents needed to begin the home loan process. Clients can conveniently submit these loan documents by taking a picture of them with their iPhone 4 (Smith, 2011).
3.) How can you use social media to find mortgage loans for buying a home?
Many banks and lenders are increasing the way they communicate with their customers. Customers of Bank of America can use Twitter to communicate with questions about their mortgage loans via @BoA_Help. Other banks and lenders use Facebook and LinkedIn for communication to establish a relationship to make sure you are satisfied.
Category: Social Media Marketing 201