Your Questions Answered About Purchasing Real Estate

                          ***Information is specific to the states of Massachusetts and Rhode island


      I always first suggest that buyers check with the institution, their bank or credit union, where they do their banking and ask what type of mortgage deals they are offering to their banking customers.

      Your Real Estate Agent or Broker is another good source for a lender referral. Real Estate Brokers and Agents usually have a few Loan Officers and Mortgage Brokers that they refer clients to based on past successful performance. Remember, your Real Estate Broker or Agent does not get paid unless you get your loan and buy your home, so it is in their best interest to refer you to a responsive and responsible Loan Officer.

      Another Suggestion is to check with family or friends who are homeowners, and ask them what lender & Loan Officer or Mortgage Broker they worked with to obtain their mortgage. A Loan Officer works for an individual bank and will only be able to offer you mortgage products from the bank/lender that they work for. A Mortgage Broker works with several lenders and can provide you with mortgage products from several different lenders. If your friend or family member had a pleasant experience with their lender, Loan Officer or Mortgage Broker they can provide you with a referral. And on the flip side, they can let you know who to stay away from if they had a bad experience.

      If you do not have the time to search various lenders and banks for rates, you can use a Mortgage Broker. A Mortgage Broker does the research on individual lenders for you. Instead of submitting your information several times to several lenders, you submit all of your information to the Mortgage Broker, and the Mortgage Broker then submits your information to the lenders to find the best lending product for you. You will want to ask the Mortgage Broker what lenders he or she works with, and keep in mind that every mortgage broker does not have access to every lender. It is beneficial to contact a couple of different Mortgage Brokers that work with different lenders to search out the best mortgage product.

      You can also search out a lender yourself. Use the internet to find Loan Officers and call them up and submit information for a preapproval. You will want to do this within a two week period because the several inquiries on your credit report for the mortgage will only come up as one inquiry if you do it within those two weeks. You should check the Better Business Bureau website for any Lender you find online and pay attention to any reviews and testimonials that you might find regarding that Lender.

      Another option is a Private Lender. A family member or friend that has cash on hand can loan you money to purchase a property. Any real estate attorney will be able to prepare a Note and Mortgage based on the terms of the agreement between you and the person lending you the money.

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***Feel Free To Email Either Of Us With Any Questions, Or to set up an appointment for a free real estate consultation. We welcome the opportunity to discuss your Real Estate needs!***

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