Getting approved is one of the first steps towards better negotiations in today's market unless you are a cash buyer. I work with at least 3 lenders on regular basis who can handle any kind of financing requirements.
One of the lenders works great with Buyers with superb Credit Score and substantial cash down payment his/her underwriting procedures are pretty restrict but at the same time they could get the best terms in Interest rates and closing costs.
The other lender - I work with has ways to make the loan work even if credit/down payment is little challenging. The idea is to get you the one which best works for you.
On other hand if you are already working with lender of your choice - I totally respect that relationship and look forward to work with your respective lender to make your home buying process a fun process.
A lender can help you understand the different financing options available and can recommend the reputable lenders in Santa Fe best suited to your financial position and the property you wish to buy.
There are two basic categories of mortgages: the fixed-rate and the adjustable-rate mortgage. Within these categories, there are many variations.
This type of mortgage begins with a higher initial mortgage payment, with the trade-off that all future payments remain consistent and predictable. The interest rate on the loan does not change, making budgeting and planning for this type of mortgage simpler and less risky.
This type of mortgage can be attractive because the initial mortgage payments generally start out much lower than those in a FRM. This early benefit comes with the risk of increased and fluctuating later mortgage payments, as the interest rate changes over the course of the loan.