Ready to purchase a home in San Francisco? If you're not paying with all cash, you will likely need a mortgage.
1. PREQUALIFICATIONS vs. PREAPPROVAL vs. FULL LOAN APPROVAL?
Full loan approvals take a little more time upfront, but will enable you to write strong offers with few or no contingencies and shorter closing times. In the low-inventory San Francisco Bay Area market where most properties receive multiple offers, writing strong offers will give you a competitive advantage.
2. BANK vs. MORTGAGE BROKER?
This could be as simple as finding which company can give you the lowest interest rate but another thing to consider is who can close the loan the fastest. Closing fast is vital in a competitive market such as San Francisco. If you are considering a new development, most of them require at least a preapproval from one of their preferred lenders.
3. 30 YEAR FIXED vs. ADJUSTABLE RATE MORTGAGE (ARM)?
Generally, adjustable rate mortgages will have a lower interest rate for the initial fixed portion of the loan. But will adjust to the market rate after the end of the fixed term. Your choice depends on your goals and individual situation.
4. HOW TO CHOOSE A LOAN AGENT?
You will be interacting a lot with this person during a potentially stressful time. A personality and work-style match can be as important as the low interest rates. Spend time getting to know prospective loan agents to make sure you have a comfortable working relationship.
5. HOW CAN URBANE-SF HELP?
The decision making process depends on your individual situation. Urbane-SF excels at matching up borrowers with suitable loan professionals. Contact us today to discuss your goals so that we can match you up with experienced professionals to craft a winning strategy.