Mooers Realty Maine Real Estate Blog
Financing For A Maine Home Loan Mortgage, Pretty Important Right?
You are a Maine home buyer, not flush with cash.
Want to buy some real estate in Maine, but need a home loan mortgage, some financing. So wandering out onto the information highway.
Like sliding a buffet cafeteria tray down the aluminum tubes.
Under the sneeze guard, you are getting hungry.
Anxious to buy a Maine home for your young family but needing backing, a mortgage loan.
But unlike the days of rent a long time to save up the 25% down payment, deal with a local lender.
And everything done in the home town bank with a character assessment of you, the property, the title.
It is way way more complicated now.
Because Maine home buyers don't have 25% of the house price all squirrel away, mortgage insurance is needed. Add in some flood insurance if the Maine home is somewhere Noah will be blowing through after building the 100 year Ark.
And secondary mortage market financing pairs of eyeballs. Lots of them in underwriting all typewriter like back and forth happening. Because buying the paper on that Maine home loan mortgage being sold. All have a say on if they will or its thumbs down, rejected.
Weighing in. Holding clipboards with check square spaces to fill in. One by one. Getting a Maine home loan. It's a little more high tech, sophiscated than when your grandparents stepped out to buy a home. To leave the rent rut.
The Maine home buyer does not want to get knee deep in the mortgage loan process.
Or learn by heart all the twists and turns of each Maine bank financial mortgage program's nuances. That are always changing. Tightening up.
So getting ready to get a Maine home loan is critical. Because it is cart before the horse thinking not to become pre-approved for a Maine home loan first.
Round up the paperwork. The pay stubs, employment history, the pay off schedules on the cars, school loans, etc.
To know which program you qualify for getting a Maine home mortgage.
Or if you have credit, safe debt ratios, judgements on your financial record that make buying a Maine home something to table for awhile.
So repair of the Maine home loan credit can happen.
The dings, scars, hits and bruises on the credit score can heal. Be nursed back to heath.
So browsing the Internet and taking the open house open demand Maine home tour videos is a place to start. But if you find a house in Maine you like, have not hit the lottery.
Or had a close relative just happen to wake up dead. And leave you a lot of cash. The kind you can get your hands on quickly through the probate the estate drive through window.
The buyer of a Maine home needs a mortgage. Start there right up front. Before shuffling the feet in and out of many property listings. The available today houses in Maine.
Had a brand new Maine banker tell a buyer who has credit that is like swiss cheese on this side of the border to just look at lots of houses anyway.
Start there and then come see her.
Maybe his credit from being a dual citizen and working on the other side of the border, buying a house in Canada.
Will be a way to slip into a tight iffy loan on this side of the International boundary. Get all the necessary eggs in one basket to make the long shot Maine home loan actually happen soon.
But there's more. It's all compounded by the guy wants a lake place and is kicking tires on camps that are not going to make appraisals go smooth.
Or underwriters to keep smiling that look over all the paperwork for the Maine home loan.
When it hits their cluttered desk of lots of mortgage applications. Stacked high.
Because the Maine camp is not insulated, does not year round access. No road commissions in place to guarantee access. In areas of every man with a snow plow and a four wheel drive for themselves.
With just a wood stove for heat. Nothing automatic. Flick a switch to make it come alive. To do its thing.
No concrete foundations, many properties around the lake drawing water from an inch and a quarter black hose.
With a tempermental foot valve held down by a cinderblock twenty feet out into the lake. Gonna freeze if winter comes and left out, not buried below the frost line. Gonna act up in the winter. A lot.
The camp is going to have to have so much done to try to make it walk like a duck.
Look like a Maine lake home. And not end up being a pig wearing lipstick.
A Maine real estate broker sends the buyer into the bank for a reason.
To sit down with the folks with the combination to the vault for the money to buy a home right up front.
Early on in the process of buying a Maine home for a reason.
To set expectations can this guy or gal, couple buy a Maine home today or not. And if we get by that space on the game board that leads eventually to a real estate closing.
Which program for a Maine home loan to saddle up?
Then matching the properties to consider buying with the known bank home loan program the buyer is qualified for today. That will fly.
Way smarter than finding a home of the buyer's dreams after trapsing through a slew of them wasting lots of gas, time and getting their hopes sky high. Spending money for an appraisal, bank origination fee and forking over application funds.
To find out four weeks later when the appraiser shows up and reports the deficiencies, why the property does not match the program. Talk about a wet hen mad buyer, and can you blame him?
You took him down a path that does not end up at the real estate closing.
To get the keys to the place of his dreams. Back to square one.
Sent down a path to purchase something that is a square peg to put, try to drive into a round hole. Not destined for a closing on the Maine home and should never have gotten to this point.
Without communication between a Maine bank and broker to guide the buyer. And not leave it up to the appraiser to spill the beans. Point out why the place won't work to meet the Maine home loan mortgage program guidelines of property specifications.