Equipment Leasing

You are going to buy a vacation home. You know the resort area where you would like to buy. You know the style of home you want. But you have not yet spoken to a mortgage lender. Time to regroup.

A quality developer, builder or realtor believes that the first step a buyer should take after they have made the determination that they want a new home is to choose a lender. If a mortgage is going to be an important aspect of the purchase process, a lender should be involved from the beginning.

So how do you choose a lender? What questions need to be asked? Does the lender have not only the experience, but also the mortgage product needed for your situation? I suggest you contact a couple of lenders and discuss your thoughts on what you are looking to buy and what you anticipate to spend. Listen to the questions asked by that person and do not be afraid to ask how long they have been in the mortgage business. Also ask if they have access to more than one or two investors.

Not all mortgage brokers and bankers have access to a wide variety of mortgage programs. We know from many years of experience that some investors have a lack of mortgage varieties. They may be great at financing salaried employees but they are not great with self-employed borrowers. Ask the lender if they have investors for your particular situation. Then make certain the mortgage broker is Registered and Licensed with the state in which the property is located. Brokers must have passed the minimum requirements of the State plus have posted an Insurance Bond to protect you, the borrower.

After interviewing several lenders, you should be able to make a determination if the lender has the experience to help you and the portfolio of investors that can finance your purchase. A purchase of a home may be one of the largest investments you can make in your lifetime. You need not be shy in asking questions and expecting answers. Ask for referrals from not only past clients, developers, builders and realtors but also from investors.