We are in a BUYER'S MARKET.  Don't forget to ask me about owner financing.

The way you approach mortgage shopping can literally save thousands of dollars. Take time to understand the system and make educated decisions.  Doing so may very well cost you less over a shorter period of time.

If I can explain any steps along the way, please ask. I'm always happy to help.  You can call me at 406-581-5574.

The steps to successful financing

Get pre-approved.  Don't skip this step.  Getting pre-approved is fast, easy and free.  A written pre-approval includes a completed credit application and a certificate guaranteeing you a mortgage to a specified amount.  With one in your pocket, you won't waste time looking at homes you can't afford.

Instead, you can invest your time shopping for the home of your dreams - and in your price range.

Examine your finances.  How much can you afford to spend? While a lender will tell you how much you qualify for, it's up to you to figure how big a payment fits into your budget.  What monthly dollar amount do you feel comfortable committing to?  Remember to consider related costs such as insurance and taxes, as well as interest and principle.

Consider what type of loan is best for you.   Compare fixed-rate with adjustable rate mortgages. Look down the road. Where will you be in 15 years, 30 years?  What obligations might you have? Take those things into consideration as you choose a loan.

Check your Credit Report.   A lender will run a credit report on you (it only takes a few minutes), but you'll be ahead of the game if you acquire a copy first. You'll know exactly what's on it and be able to correct any inaccuracies. 

Shop Around.   When you're ready to get a loan, explore your options.  You can choose either a direct lender or a mortgage broker.

A direct lender has money to lend and makes the final decision on your loan. Brokers are intermediaries who choose from many lenders. A broker may be able to help find you a loan if you have special financing needs, but he or she will also receive a percentage of what you borrow.

While you're shopping for a loan, also look for the best loan costs. These may include:

• Interest rates  
• Broker fees
• Points (each point is one percent of the amount you borrow)
• Prepayment penalties
• Loan term application fees
• Credit report fees
• Appraisal costs

Be aware.   Don't let hidden costs sneak up on you. Ask your lender for a written estimate.

Apply for a loan.  Gather all the documents you'll need to verify your loan application. Lenders will want to know your job tenure, employment stability, income, assets (property, cars, bank accounts and investments) and your liabilities (auto loans, mortgages, installment loans, credit-card debt, household expenses and others).

You'll need to provide documents such as paycheck stubs, bank account statements and tax returns.  Check with your lender or broker for more information.

Lock it down.   With interest rates changing daily, locking down your rate can prove a big money saver. A rate lock - in writing - guarantees you a certain rate and terms for a specified period of time. Lock in all the costs you can, including interest rates and points.  And try to set the lock at the time of application, not at approval. This will protect you from rising rates.

Your lock-in period should be long enough to allow for all processing time.  Most lock periods range from 15 to 60 days.  Make sure to check with your lender or broker about the average time it takes them to process a loan.

Ask about Pre-payment.   You can shave years off the length of your mortgage by restructuring the way you pay back your loan. Simply paying more frequently can save thousands in interest. So can making a lump payment toward the principle - or paying a little more each month. These methods are called pre-payment. 

Not all loans allow for pre-payment. If you want the option, discuss it with your lender or broker.

Clear up any financial problems.  Do you have credit problems or owe money to the IRS?  Buying a new home may still be a possiblity.  Contact a financial advisor or tax resolution service to find solutions.

 I can show you

My website gives you internet access to Ennis Montana real estate, as well as  all properties for sale region wide, including Cameron Montana, Pony Montana, McAllister Montana, Norris, Harrison, Virginia City, Alder, Sheridan, Twin Bridges, and Bozeman Mt homes and ranches for sale.  I list and sell Montana property in all sections of Montana including Madison County and all of the Madison Valley, and Ruby Valley Montana. If you are looking for Ennis MT homes for sale or Ennis MT realty, or any Montana land, homes, ranches, property for sale please call me at 406-581-5574. You can search my website for Ennis Mt homes for sale, Ennis Mt land for sale, as well as Cameron Mt homes for sale, Cameron Mt land for sale, Bozeman Montana homes for sale, Montana land, and Cameron Mt ranches for sale.

I can list or help you purchase any property in Southwest Montana including the Madison Valley, Ennis Montana, Cameron, McAllister, and Pony Montana regardless of who the listing agent is. Use this website to search all listed Homes and properties for sale in the Ennis, MT and Bozeman MT area.  I can find that special home, property or ranch for you.  There are many properties for sale on the Madison River. 

If you're looking for Ennis Montana real estate, Ennis Montana  homes for sale, Ennis Mt property for sale or Ennis Montana ranches for sale, I can help you choose the right home or property for your needs and will guide you towards making an informed real estate decision in the Ennis Montana real estate market. I pride myself in being able to give all my clients important local information based on years of living and enjoying all the Ennis Montana area has to offer. I can find Montana Ranch Property, Montana Fishing Property, Montana Hunting Property, Montana Riverfront Property, Montana Investment Property, and Montana Skiing Property.  Please call me if your are looking for Cameron Montana ranches for sale, Cameron Montana property for sale, or Cameron Montana homes for sale.

If you are a seller, I can help price and put your Ennis Montana home for sale, Bozeman Montana home for sale or Cameron Montana home or property on the market for a quick sale. If you'd like to find out the value of your Ennis, MT home or property, I will research the value of your home or property for you. This is a free service provided by Bill Mercer of Prudential Montana Real Estate in Ennis Montana.

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