Sometimes when people decide they’re ready to buy a home, they pretty much just dive right in. While that generally works out okay, that might also create a few speed bumps in your path. But to lower or even eliminate those speed bumps, there are some things you can do ahead of time. Here are some ‘pre-game’ tips for you.
The first thing you need to do is find a good mortgage loan officer. Don’t wait until after you’ve found a home to buy, do it way beforehand. Your loan officer will help guide you through the sometimes tricky mortgage approval process. To help find a good loan officer, ask around among family and friends. You should also reach out to a few real estate agents, too. Just know ahead of time that an agent might not start showing you homes until you’ve not only talked to a loan officer but also have a preapproval letter in hand as well.
Your loan officer will provide you with not just an amount you’re qualified for, but also offer an array of financing options. There’s much more in the mortgage world than a 30 or 15-year fixed-rate product.
Or, you can reach out to a few agents and have them provide you with the names and contact information of qualified and experienced loan officers. Agents don’t refer loan officers and expect a referral fee. Instead, they use loan officers with a track record of closing loans on time, every time. These loan officers have proven themselves to the industry that they know what they are doing. And when an agent provides a referral, both them and you are rest assured the deal, and their commissions, won’t be thrown out the window at the last minute.
Finally, get a copy of your credit report. While you have a pretty good idea of where your credit stands, there can be mistakes that you’re unaware of, or even someone else’s name is showing up on your credit file. It’s always a good idea to run an annual credit checkup whether or not you’re getting ready to buy a home. A credit report only shows the information that has been reported to them, even if a report in error.
Bottom line, work with the professionals in your area. They know the markets and programs and are there to help you through the process. They do this every day of the week, year-round. So take advantage of the available expertise.
