Use the time between accepting a lender’s offer and receiving the commitment to your advantage by tackling as many obstacles as possible:
- Once you have accepted the offer, order the title searches.
- Find out the lender’s requirements for the ALTA survey (this process could take up to 4-6 weeks, so do not sleep on the process.
- Make sure you have a long-term sense of what you will do with the property.
All professionals will say to move as many things into the “completed” list from the “to do” list. Some processes are very time consuming and should be immediately addressed.
Suggestions:
- Do not focus on the absolute bottom when choosing an interest rate. Focus on the monthly/annual payment being in your range.
- Stick with one broker. Do not work with multiple brokers.
- Address any issues (tax escrows, lender’s calculation method, timing, etc.) before you make your initial deposit.
- When it is time to refinance, consider using a different lender or at least find out what they can do for you. The nature of the industry is not static, so it is always good practice to see what others have to offer from time to time.
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