Don't leave home without it!
 

The very first step in buying a house is to get a "Preapproval Letter" (not a prequalification letter) from an "area" Mortgage Broker. 

In the hotly competitive East Bay market, this is not a "nice to have," but an absolute "must." Reason being, no listing agent will accept an offer on their listing without it. (The exception is an "all cash" Buyer. If that's you, then give me a call, and I'll tell you what you need to verify that.) 

But before resist being told a "must," let me tell you what a good Mortgage Broker can do. 

There are probably a hundred thousand different mortgages out there for every shape and size of person and budget, with rates changing sometimes twice a day. (I'm not kidding.) 

A good Mortgage Broker can tell you what you can afford given your down payment and income, they can tell you about the different mortgages that would work best for you, they can explain the tax advantages, they can help you work out a housing budget, and they can give you a close estimate for closing costs in this area. 

But now for the most important part: a good Mortgage Broker will follow through on what they say, and get you the mortgage that will get you the house. Yes, sad but true, in the mortgage industry, there is a lot of "bait and switch," empty promises and loans unfulfilled. In fact, a recent statistic shows that 40%of internet loans never fund. When you're in a purchase contract on a house, you need to be absolutely sure that your loan is going to come through, because otherwise it could end up costing you...either money or the house. 

Now a word about "area" Mortgage Brokers. Again, The East Bay market is still a very competitive market. In multiple offer situations, listing agents give preference to those offers that have mortgage brokers they know to be reliable. (Would you want to tie your house up with someone you never heard of?)So besides getting a preapproval letter, it's also important to get one from an "area" Mortgage Broker that is known to be "reliable" as well as competitive. 

The Mortgage Brokers you'll find linked to my site (under "Resources") are Mortgage Brokers I have worked with in the past, and found to be both competitive and reliable. 

And a work of clarification. Mortgage Brokers are paid by the banks, not by you. You get the same rates as if you went directly to the bank. And, I get no referral fee or any "booty" from any of these referrals. In California, it is against the law. So what you are getting is my totally unpaid for recommendation. 

If you'd like to talk about specific needs you might have or get other Mortgage Brokers, please give me a call, or fill out the form below.