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First time home buyers, ask questions first. Prove it, show me what you know!

July 21, 2009

Aunt Berthas KittyProve it, show me what you know! If you are thinking about buying a home then you are thinking about getting a mortgage. Unless of course your great Aunt Bertha just left you boatloads of bucks. I am willing to bet if great Aunt Bertha had any money she left it all to Fluffy the wonder kitty, not you. So back to my original train of thought. You are going to need a mortgage.

Shopping for a mortgage is tricky and getting more and more difficult by the day. There are so many new regulations and new twists and turns that even the best mortgage experts are working extra hard to keep up with the changes. So what should you do when picking which professional would be best for you? First, ask your Realtor®, find out who has a good track record. Call and ask a million questions, this is the person who is going to help you borrow more money than you have ever held in your hands all at once, or will ever hold in your hands. Ask for recommendations, ask how many loans of this kind have they done, how does their office handle these loans? No question is a stupid question.

Why am I telling you these things? Today a deal has been postponed for 2-3 weeks. My seller is ready to cry, and I hear the buyer is “Bambi caught in the headlights”. Not only did their mortgage broker not keep his own clients informed, he blew off their Realtor® and their attorney, he didn’t retuUSDA approvedrn any phone calls. The buyers are first time home buyers and using the USDA Rural Housing Development Home Loan Program. USDA has approved, no problem there. The issue seems to be that the actual lender has to be retrained for USDA loans. The mortgage broker had not done a USDA loan by himself, didn’t know the lender was not up to speed on USDA loans although they claim to do them. Now my seller has a new set of problems dumped in their lap, which become larger every day.

Could this have been avoided? I am not 100% sure about this, but I am thinking yes, with the right questions it could have been avoided. What are the right question to the mortgage broker? Perhaps something along the lines of, how many USDA loans have you done? None? Move on…. What is the turn around time for the commitment from the lender after it has been USDA approved? He or she doesn’t know the answer, move on. If your first impression intuition inner self gut reaction is having a bad reaction deep inside, move on. If you can’t get those references, MOVE ON!

An FYI on USDA Rural Housing Development Home Loan Program, I know someone who can get the job done and done correctly. If you are in Connecticut and interested in the USDA Rural Housing Development Loan, check out George Souto of McCue Mortgage. And FYI again, George was the first person I called today. It is unfortunate that I am not the one driving the bus on this one. If I was, the buyers would be knocking at his door right now. But, who knows. Tomorrow things may change. You see, George has proved it to me, he has shown me what he knows and George knows USDA Loans! 

Are you looking to buy a home or sell a home in the greater New Milford area? Please contact me or visit my website to find out more.

Homes for sale, greater New Milford CT.

Local area information, New Milford, Washington, Roxbury, Kent, Bridgewater, Sherman and Warren. Why you should be looking for a home here!

© 2009 Andrea Swiedler. Unless otherwise noted, the content, both written and in pictures, is the property of Andrea Swiedler. If you wish to use something you see here, please email me ( with your request. Most likely I will oblige, with a link back to my original content as well as an acknowledgment. Although imitation is the highest form of flattery, please let me know before you decide to bestow this form of flattery on me! Thank you.

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