The Ins And Outs Of Home Buying

The Bridge

Savannah, Ga. (WSAV) – For advice on tackling the mortgage process, your best bet is finding an expert to help you. Lisa Cookson — with PenFed Credit Union — is one of those experts. She has her finger on the pulse of what’s happening in this buyer’s market.

Lisa Cookson, Mortgage Expert: The mortgage market looks excellent today. With the FED just dropping the interest rate, it’s an exciting time and a great opportunity. We learned in a recenty survey we did that over 60% of the new homes being purchased will be first-time buyers.

But before you buy, Lisa says there is one thing you can do to streamline things…and help ensure you get the perfect home for you.

Lisa Cookson, Mortgage Expert: We suggest that they meet with a trusted advisor first…with their local credit union or local bank — over the telephone, face to face…however they are the most comfortable. But get that information in advance of house shopping. It will give them so much more confidence when they go looking at houses to know what they can afford, what the bank will qualify them at and what their maximum purchase price should be.

But how do you know how much you can afford? Most people with good credit qualify for much more house than they may actually need. Lisa says that is one of the benefits of having a trusted mortgage advisor.

Lisa Cookson, Mortgage Expert: You can share your personal challenges and see how that overlays with the formulas that are existing. They are different. The amount of down payment you need is different for different programs. The amount of debt you can carry and what type of debt it is makes a difference so spending time with your trusted advisor is really important. The advisor can help you with what products and programs are available to cover your needs.

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