Buying a Maine home, getting the financing to purchase a house.
The all important are you ready to buy a Maine home today or not question. Needs answering before incurring expenses. Wasting time, gas, setting expectations that are out of whack today. If there are loose ends with the credit score, debt ratios, judgments. Or other lint, burdocks in the tail of the Maine home buyer in the mood to find a roof, four walls, a floor.
Because the Maine home buyer does not step out daily, wake up and have a light bulb come on over their noggin.
Signaling it's time to buy a home in Maine.
There is confusion, vagueness because the programs for mortgage loans guidelines are more than a few paragraphs long.
And understanding the ins and outs of the template that slides over the Maine home buyer, the property listing itself is an art.
There is a learning curve and just when you get a handle on how things shake and bake, a memo comes in. Change is made in underwriting requirements. So the matchmaking to find the right property listing for the buyer of a Maine home starts with financing.
The flavors to buy a Maine home, for bank mortgage loans are many, varied.
The buyer has to determine today, with the help of a real estate professional, a faithful "loan arranger" which programs they could pass the test. Make it through the chutes and ladders to qualify for a Maine home loan. In the turn your head and cough look see.
Checking into job security for repayment of that 15, 25, 33 or whatever installment number house loan amortization schedule. To make sure there is left over money at the end of a pay period to keep the Maine home payment, monthly property tax and insurance escrow account in the black.
The Maine bank does not want the buyer's home back.
Needs to make home mortgage finance loans.
Not in the game to yank back the title to the property that is loaned on, secured by a mortgage to the financial institution.
Or whoever the bank lender happens to sell the paper to for investors on the secondary mortgage market.
Then shift gears to eyeball, kick tires on the property listings, real estate, the homes in Maine for sale happens.
The two step process to avoid cart before the horse. To one by one, eenie meenie miney moe determine which ones in the Maine home cakewalk of property listings could work. If the home buyer can just boil it down, reduce it to liking one place more than the rest of the bunch.
If the head turner, the place that fits the needs bests comes along, is available and flirting with them. Is in within the finance spending budget for a house in Maine. And has the features that are on the top ten list of must haves, don't wants scribbled down by the Maine home buyer. Who is some kind of excited and nervous at the same time. Just trying to climb out of the rent rut into home ownership.