Today we’re talking about the top mistake people are making when they’re applying for a loan. You hear you see all these loan commercials and it’s funny, when we get those primers like the one one sheeters from you guys on the list of things not to do like.
One of them is like don’t go and buy a boat like don’t like. Don’t buy a new car, I’m thinking myself no one in the history of loan like housing loans has ever gone under contract and then bought a boat like the day after.
I’m sure it has happened, but it’s obviously not the number one mistake people are making when they’re trying to buy a home. That’s where it comes in Rich. Rich you’re on the spot here what is the number one thing people are doing that they shouldn’t be doing when they’re applying for a loan with you guys?
It’s simple, it’s before you even get to contract. It’s it’s just waiting to the last minute to get pre-approved. It’s you know we understand circumstances sometimes that that’s just how it is and completely you know we understand that we work with that you know it’s just you can’t always control.
But big thing is after meeting your agent and talking about price ranges and goals, the next step when you go to look at homes, it can’t hurt to just reach out to a lender or two or three and start identifying what you can actually qualify for.
That’s the best things, the earlier the better. Main reason about being it allows time to identify any potential pitfalls bends can come back an underwriting process a week before closing. Last-minute surprises of ours or worse. Nobody wants that so getting pre-approved early it’s always better.
It allows time obviously to figure out if there are any extra hoops to jump through and then that just gives you better piece in mind when you’re out with your agent. Definitively what you can what you can’t qualify for in addition we always like to provide you with estimates on home that you’re going to go to see so when you’re looking at them the wheels are turning.
What it’s going to take to complete the transaction what are my payments are going to be like? So that’s just what there’s a ton of benefit to getting pre-approved early rather than waiting to the last minute and it ends is know from the very very beginning all the way to settlement.
It will make your transaction lots a much more transparent seamless and just less stressful. All together no takes a village up and it just helps when everything lined up expectations are set. Certainly execution is the number one thing you can look online about how to apply for a mortgage, what pitfalls to avoid how to do this, how to do that, at the end of the day it’s actually going out going on your lenders website and getting pre-approved.
When I’m working with buyers I always ask two very important questions: number one are you already working with a real estate agent very important. I’ve not asked that in the past and it’s come back to bite me believe it or not. Well it’s very easy to believe actually and number two are you pre-approved pre-qualified with a local lender.
If you are looking at homes and you’re not pre-qualified you are not a serious buyer. You are wasting your time you might say well. I’ll just get the letter once I’m ready to write a contract it’s fine. My buyers already have that letter they’re going to beat you to the punch and get their offering before you.
So it’s always great, no one likes to get bad news and then once q obviously you don’t want to waste your time looking at flowing love is something that you ultimately don’t qualify for. So we find our clients 99% of the time pre-approved getting pre-approved early just makes your time out a bit just much more efficient.
You can just focus on a search itself because you know what you can qualify for and just run hard all. All of your processes are so streamlined just to a tee that like if you do them you will get qualified like you will have your letter. The reason that you screw up is you go off astray you don’t return calls.
You don’t return emails you don’t return the form so it sounds like that that’s what happens it’s refer we’re a referral based company so it’s strictly. We’re not a fake, so communication is key delivering setting expectations and obviously meeting those expectations pre-approvals.
We can do in as little as 24 hours and especially in this market in springtime summertime that’s what it takes so speed kills but that’s how we like to operate and obviously communicating to you and obviously with your agency you’re all the same page and can move quickly when needed.
awesome there you have it from rich Conlon Atlantic coast mortgage here in north of Virginia. If you have any questions about the top mistake or any other mortgage lending related questions all lists and link riches information in the description below thank you very much for watching until next time create a productive day take care