Banking for Good: Mortgage Loans with Freedom First Credit Union

the following portion of daytime Blue Ridge is sponsored by buying a home can be an exciting time in life as long as you know what you’re doing yeah so we have Tessa Ryder from freedom First Credit Union joining us to talk about what you should expect if you’re looking to buy a home welcome hi thank you so let’s talk about what’s the first thing we should do if we want to buy a house so potential buyer should first contact their local lender at freedom first yes and get the pre-qualification process started don’t even look before you really look I mean that’s the first place that way you’re learning you can spend right absolutely you’re learning what is your budget what is that price range look like you can do we can gather the application information by phone in person or online and it usually the information just takes about 15 20 minutes the basic I like to give to someone yeah let’s talk about things that contribute to getting a mortgage pre-approved yep so pre-approval the main contributing factors are gonna be credit scores being at the minimum limits what we need for lending overall credit history is important what do we see on the credit report not just the actual score income stability you know consistency and then funds for closing making sure we’ve got enough of those if we need them and then debt to income ratios play a big part in it making sure those fit within our guidelines okay and then once we find a mortgage lender like are we locked into that once we’re pre-approved you’re not so if you’re pre-approved you could still be out shopping lenders checking to see who has better rates and terms for you you always as a consumer have the right to shop okay it’s great so what point am I locked in then so technically never until you have finally closed your final loan paperwork you’ve signed your final lewisite cited line then you’re obligated technically most buyers are committing to their lenders once they are under contract and they’re locking in an interest rate with the lender they’ve preferred like that they’ve chosen if they’ve put any kind of upfront money like for appraisals that’s usually a commitment to a lender but again you’re not really obligated like by law you don’t have to stay there you could still leave if you want to you might forfeit some of that appraisal money but if you at any point felt uncomfortable you could always go to another lender to finish the transaction interesting and do it so do you recommend recommend shopping around beacon does it affect your credit score if you are shopping around for mortgage lenders we always recommend shopping around obviously I want people to do business with me but really as a consumer it’s best to shop get somebody that you’re comfortable with that you trust that you are getting a good deal with rates and terms and fees and all that good stuff shopping around we lenders encourage that so the credit reporting agencies if you’re doing lending shopping within a 30-day time frame it’s not going to impact your credit score if you’re shopping lenders and they’re pulling your credit in a 30-day window okay so doing all in 30 days don’t procrastinate yeah it’s like throughout the year then maybe you go in every few months just to be like oh yeah and again inquiries are a small part of your credit score so unless you’re doing it heavily like a lot of them in a short timeframe we’re not seeing big impacts to credit scores from an inquiry okay good to know I have the fear that I’m like if I even look at it No that’s it yeah and it’s not it doesn’t it doesn’t drive your credit score that heavily okay that’s a part of it okay all right so if our viewers want to come and talk to someone from freedom first how do they do that they can visit me I’m in the Salem Home Loan Center on electric Road and we would love to have you come by and check out pre-qualifications with freedom first hey thank you thanks for having me

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