It’s the perfect weekend to go search for your new home. You’ve been to several houses with your realtor, but they just didn’t suit you. When you open the door to this house, you know it’s the one. You have that feeling like it’s just for you. You can imagine your family moving in, a dog playing in the backyard, room for a playhouse, or your pictures on the walls.
You ask your realtor, “What’s the next step?”
Your realtor pulls out a form to write down a contract. Are you approved for a home loan?
And you feel yourself scrambling, wanting to find someone who will approve you right now.
This is a scenario I’ve seen many times. Rushing to find a last-minute approval for a residential home mortgage can lead to missteps and mistakes. In fact, rushing into a home loan often leads to heartache down the line, falling for a scam or a deal that falls through at the last minute.
Preparation is key.
While we all may dream of living in a mansion, make sure you are looking for houses within your budget. Hold conversations with other family members about what you can afford, determine your priorities are in a home, and what you can live without.
Just as it’s important to interview and find the right realtor who knows what kind of home you are looking for, finding the right mortgage lender is critical to having a pre-approval for a home loan when you need it.
Know, and feel comfortable, with your home mortgage lender. They should not be selling you the latest product over the Internet. Instead, talk about your short and long-term goals with your lender, what your budget is and what type of a loan you’re looking for.
Keep in mind, pre-qualification and pre-approval are not the same. Pre-approval means you can move through the contract process with few snags, but it may take more time upfront to attain.
To make the process smooth, review your finances and have any necessary documentation on hand.
Finding that home that you’ve always been looking for is exhilarating. Let your mortgage professional work for you so you can move in without any hassle.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you.
Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damaré. All rights reserved.Tags: applying for a home mortgage, pre-qualification for a home loan, pre-qualification for a mortgage, residential home mortgage