Getting A Mortgage

Unless you hit the lottery, inherit big or “save save save”, home mortgage real estate loans are needed to buy Maine properties.

It’s like flavor varieties of ice cream or types of coffee combinations.

There are lots of options and today never ever one size of mortgage lending fits them all.

Buying, mortgage financing Maine real estate property listings is complicated. Ever changing too. Every real estate buyer has a different situation and no two sales are exactly the same approach to financing property.

Learn more about the right program for the Maine property listing you settle on, before you go house hunting.

It impresses a seller when a buyer makes an offer and provides the pre-approvedl, all set for lending paperwork from a bank or mortgage outfit.

Factoring in the size of the wallet you sit on, the purse you carry is just as big a deal as your “gotta have, don’t want list”.

MOOERS REALTY wants to help home buyers get ready, to find a property listing to meet their housing or any other real estate needs.

Been helping folks do their “home work” to buy and sell Maine homes for over forty one years. Bank mortgage lending is ever changing to develop more financial options tailor made to people and the properties they try to buy and sell.

VA loans, Maine State Housing for first time Maine home buyers.

Those are pretty popular among the Maine home purchasers on the hunt for housing. More on a helpful blog post for first time buying a home in Maine.

Or are you looking over, collecting the schedule “C”‘s for a small business property listing?

MOOERS REALTY can help you get a mortgage loan on other types of property beyond just Maine homes and houses.

Owner financing for Maine land that is custom made to fit your property buying budget.

The days of finding the place of your dreams and then going to the bank are over. Save time, do it the other way around… securing the best Maine mortgage financing before running the roads and wasting yours and other people’s time.

More on bank financing for Maine property.

Variety is the spice of life. Your real estate needs change too. Not every house size, location or style works for every Maine real estate buyer and seller.

Every property listing is different and like homes, the people buying them, everyone has unique current life financial situations.

Often past financial credit history that helps or hurts getting a mortgage.

Working around the life bumps in the road is something we dig in hard to accomplish for buyers and sellers putting together Maine real estate sales.

Getting pre-approved for a Maine home or other real estate loan first lets the seller know you are credit worthy, can get a mortgage loan, able to make the house purchase. 

The interest rate, program requirements are important. But studying the closing costs involved to get the loan.

And where the processing center is, decisions are made can make some Maine mortgage home loans stall or go through quick and easy.

When you apply for a Maine mortgage on whatever property type you want to buy, you need to verify you have a job, income to make payments on the home.

To show upfront that your debt ratios are healthy, within spending limits of the bank mortgage program underwriting guidelines.

The bank does not want you to go belly up and makes sure you can swing the mortgage payments.

Making sure the debt ratios for your spending allow for money left over beyond those house payments.

Money to cover the mortgage loan payment and enough to save, pay other household expenses is the plan.

You are asking the financial institution to give you a mortgage application to complete, to make that Maine real estate purchase.

Pay stubs, car installment information, college loans, any income and all the expense obligations.

The bank  mortgage “loan arranger” without the mask will give you the information to round up so the best financing package options are then discussed.

Banks, financial institutions, credit unions they all want, need to make Maine home and other types of real estate loans.

Not able to get a home loan? Cheer up. They will repair less than perfect credit with pointers on do this, don’t do that. Listen to them.

The Maine bankers can share much from years, even decades in the financial mortgage lending trenches.

They’ve seen it all and know how to help from many home mortgage loans under their belts.

After the closing for the property listing you can go back to your evil ways or be lax. For awhile.

But during the application, all the way to the Maine real estate closing, steady the course. Or adopt the new ways of running your life  on a budget to keep the boat from rocking.

Don’t change jobs, get divorced, avoid buying a big ticket item.

Do not get involved in adding more heavy installments or spending down any of your personal savings in ways you think would help the deal.

Not unless, not  without talking with the Maine bank loan officer who navigates the financing end of the home purchase.

He or she knows from home loan making experience what hurts or helps a property sale.

Also deal with local lending buying your Maine home.

The service is so so different and less stress, not as much money or time wasted getting your home mortgage if you do.

Oh and keep your nose clean and no court proceedings, headlines in the newspaper.

A good Maine banker will take the time to explain the programs that you should be considering. Will show all the ins and outs for Maine home financing that fit you best.

Your income now may qualify you for a Maine home loan that an increase in pay, moving in to a higher income bracket will take away.

So now if the time to get in to gear, pre-approved for a Maine home.

Debt ratios, the list of what the place needs for repairs and updates is another matter that needs discussion.

If the seller is not going to lift a finger and it is “as is where is” and you the buyer have no rich uncle or lots of money in your mattress.

Well now, the odds of a real estate closing happening on a particular property go down substantially.

Why rent, “throw cash in the trash”?  And simply help your landlord put his kids through expensive colleges with the rental income.

Start small, thinking starter property. Just like your first car, and working your way up. Begin owning, stop renting.

So to sum it up, as the buyer for a property, what to remember for tips?

Get pre-approved for a mortgage loan before drawing the “X” on the house that makes the heart go lub dub.

Broken housing hearts heal the slowest. Save the emotion and put the steps in gear that work the best and are tried and tested.

When you are under contract to buy the house of your dreams or the one that at least fits your buying budget best.

Make sure not to make any major purchases of any kind before the Maine real estate closing.

It’s prudent to go easy on the gallop gimmees spending after the pass the keys please too. You want to hang on to the home. It is simple. A case of “you pay, you stay. Or you don’t, you won’t”.

Don’t transfer funds or pay off this, move money to another account because that shuffle may not be the best moves.

The ones only a seasoned bank lender can direct as the best house buying dance steps to avoid stubbing your toes.

As a buyer, realize the housing market supply and prices goes up and down like interest rates.

Be aware of the market you are working in with the help and guidance of a real estate professional that has been through a few cycles. And knows the best paths to take from searching for a listing to financing to a successful real estate closing.

The kind where loose ends don’t come back to bite you after the Maine real estate sale.

Make the list of what you want, don’t want and share it with your real estate agent or broker. Like the orders that come into the kitchen of your favorite diner, what you get depends on what you ask for on the green order slip.

Don’t leave anything to chance because you have to live with the place you mortgage for the next twenty, thirty years.

Home bordering the waterfront, with extra land to farm, a woodlot to cut to heat your house? Places with a view what you deem as pretty darn important?

How many baths and are the extra waterworks scoring higher on your game card than say a garage? Prioritize what you think, not the agent or broker as most important to you! That’s how you get what you want.

Speak up, be heard as the real estate buyers purchasing a Maine home.

But always think if I was the seller of this property listing, is it a good one to buy to sell suddenly?

And what I do to the place to feather the nest best, how expensive, do I have those skills, the time, the budget for the do a lot of the work myself?

Will I get back my investment or lose money buying this home that needs nothing or a boatload of repairs?

All those questions should be answered before you buy so no surprises when you do have to sell.

Even if that does not seem likely now, what if a Maine real estate sale was needed quickly because of health, a job transfer, a divorce, all of it.

Remember the three “L”s, the location times three but also the timing of this purchase or sale?

Is it the best and why or why not? Look for the convenience items of saving travel time to the addresses you will be visiting living in this location.

Consider the repairs needed, if the place has storage, space for future blue or pink bundles of joy from the stork express air drops.

The condition affects the price and your chances of getting financing on a home for sale in Maine.

Your offer on the property considers how much of a glut or shortage there is right now in the current real estate market.

What is the seller’s motivation to sell?

Talk to the neighbors, they know everything right? How big a earnest deposit shows the seller how serious you are or are not. Or if you are strapped and reaching too high on the housing purchase and on your tippy toes.

Cash offers turn heads too so scrimp, save, lay down the cash.

Show the seller the money. So he, she, they can take you very serious. To know you mean business. To be viewed as not your average home buyer. One that does not come along every day so they are taken seriously.

Keep the Maine home sale contingencies to a minimum because complicated means the seller avoids accepting your real estate offer.

The condition of the property at time of transfer and when is the possession date again?

Beyond the price, the seller considers the rest of the sale details as good for him or terrible. Make believe you are the seller, they are in the equation. Or better be if you want the best results in any offer you make on a property listing that you want to own. 

Acceptance of the offer with too tight signing deadlines, the real estate closing date suddenly way too close for comfort are big deals to sellers, to banks and lawyers too.

The buy and sell, people’s life changes take time. Everything is not ASAP chop chop.

Is this possible to pull off this sale quickly and is the gun to your head to decide right now worth the knee jerk and rejection?

People don’t like to be pushed around and need time to get used to the idea of selling under the terms you outline as the buyer. Inspect, but get that out of the way early on so nothing is left hanging. Or the seller of the home feels you are tying them up way too long.

These are all factors affecting your offer price, your purchase success in buying a home or any real estate listing.

Play your cards right and you’ll get the house keys, the deed to the real estate listing you are after.

Low ball and try to emulate the west coast Hollywood unrealistic in small rural area real estate markets and you go away homesless. There are a buyer AND a seller in the real estate buying equation to consider. 

MOOERS REALTY is here to help show you how to buy a home, to get it financed best.

To have more discussions on subjects like “rent to own homes in Maine” and the pros and cons of going that direction for buyers and sellers.

Follow our blog posts on step by step run downs of the process in getting ready, then buying Maine real estate. Call, click, email us!

I’m Maine REALTOR Andrew Mooers, ME Broker

207.532.6573  |  MOOERS REALTY  69 North Street Houlton ME 04730 USA  |  info@mooersrealty.com