WHAT DO WE DO?
LENFS takes the stress out of home buying and refinancing by allowing consumers to get multiple offers from several lenders in a matter of minutes. in addition to low cost home refinance, low cost home purchase loans< and home equity loans, LENFS also provides a number of mortgage tools including a home affordability calculator, a mortgage payment calculator and tips on mortgage negotiation.
Why Do Business With LENFS?
The biggest advantage of doing business with LENFS is that we know the business.
A person might need to obtain a mortgage only once or twice in their life. As a multi district corporation LENFS is aware of each market.
LENFS is also able to identify the most appropriate lender for the specific circumstances of a borrower, considering his/her particular situation.
Another significant benefit of doing business with LENFS is that we handle the paperwork and have constant interaction with institutions. It is important to develop a professional relationship with representatives of lenders, they can frequently reduce the processing time of an application. The saving of time, work and stress is a big factor for many individuals when choosing a mortgage company, we uphold the responsibility of making our clients experience as easy as possible.
- Savings. You may already know how much monthly payment you can support (experts recommend no more than 1/3 your monthly income), bu the buying process will also include upfront costs, such as a down payment and closing cost
- Down Payment options. Do you qualify for down payment assistance program? Will you be able to get an FHA loan and pay 3.5 percent down? Do you have a relative that would like to make a down payment gift? Many financial experts recommend a down payment of 20 percent, so be sure to explore your options!
- Check Credit Report. Your credit report says a lot about you. Lenders use it to evaluate your risk potential and to inform themselves on how responsible of a borrower you are. They use this report and subsequent score to figure your interest rate. The more stellar your report, the better your score and thus lower your rate. Be sure to check your report for accuracy, and report any errors to the credit reporting agencies.
- Get Pre-qualified. It’s time to talk to a lender! Pre-qualification will give you a ballpark figure of how much the bank would be willing to lend you. Are you looking for a $100,000 house or a $300,000?
- Get Pre-approved. This is the official letter from the lender that says they will be willing to lend you money. Many sellers look for buyers who are pre-approved.
- Affordability. The bank may tell you that you can afford a home worth $300,000. This does not mean you want to borrow to your max. A more modest home may fit better in your financial plans
- Housing Criteria. You have a budget, now develop a list of what you need and want. this can include anything from “must have 3 bedrooms” to “hardwoods” or “granite”.
- Neighborhood choice. Location strongly affects prices. A 3,000 square foot home in rural Kansas costs a fraction of one in New York City. Decide what neighborhoods and areas are the best fit for you. This will help narrow your home search
- Hire and agent. An agent can help you navigate the entire process from searching, putting in offers, to where to hire an inspector or general contractors.
- Start the search! The MLS is wonderful place to begin your search. Eighty-four percent of buyers now start their search online, so you’ll be in good company.