How to Avoid MORTGAGE STRESS When Buying a Home Part 1
How to Avoid MORTGAGE STRESS When Buying a Home Part 1
Buying a Home can be one of the most stressful experiences people can go through, and it does not have to be.
The biggest mistake people make is that they use logic to set the expectations in their minds of how things should go. With the amount of goverment regulation in the lending today, logic has often been removed.
To remove the stress, you are going to have to do some things that may seem out of order.
First, you will naturally want to start looking for homes. Who can blame you? Buying a home is a very exciting time. It's hard not to be swept away by the thrill of looking at home and envisioning your life there. It's such a great feeling. STOP! Take a breath, and do some of the things you need to up front. This will keep your dream from becoming a nightmare.
1. Before you do anything Get Pre Approved by a Local Mortgage lender. Get a referral from a REALTOR. They have some insight into what kind of experience a buyer will have with differenct lenders.
2. Getting Pre Qualified will be easier than you thought. You an either go onlin
e and APPLY or you can get Pre Qualifed over the phone by speaking with the loan officer or their team. It will only take about 15 minutes. You will be shocked at how easy it was. STOP. You just got started. The next step is the important step. TURN in all the items from the document request list your lenders sends you. ALL requested items. The reason: Everyone of those docuements could have something in them that either don't meet lending guidelines, or will require additional documentation. Get everything into the lender upfront, so that you will know if there will be any issues. It's much better to find out upfront.
3. OK, now you are ready to go look for homes! Find a REALTOR through your family or friends. Your selection of realtor will be so important, so interview them, and make sure they will be a good fit for your personality. You will be spending quite some time with them.
4. When you find a home, and are ready to make offer, have your lender calling the Listing Agent of the seller to let them know you are well qualifed, and that you ahve turned in all your loan documentation. When the market is hot, you need to make sure you work with professionals that will do everything they can to help your offer on the home your REALLY WANT to be accepted.
Check back with the GrateBlog.com for:
How to Avoid MORTGAGE STRESS When Buying a Home Part 2
Marcel Deitrich NMLS#231135
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