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House-hunting can be equal parts exciting and stressful. But if you take the time to speak to a mortgage lender before you see a realtor, you might be able to relieve a little bit of the stress. Here are five ways talking to a mortgage lender first will help.
Picture this: after weeks of searching, you finally find that perfect home. Not too big, not too small, just the right amount of outdoor space, bedrooms, bathrooms—but then you find out the loan amount is just out of reach. If you talk to a mortgage lender first, you can find out exactly how much house you can afford, saving you a lot of time and energy.
Securing a loan often means sourcing a lot of paperwork—from W-2s and paystubs, to bank statements and personal financial statements. If you wait until you’re ready to make an offer to get pre-qualified for a mortgage, it may take longer than expected to obtain these documents, and you may lose the chance to make an offer on the home.
Getting pre-qualified for a mortgage not only shows that you’re credit-worthy, but also that you’re a serious contender. Homebuying can be extremely competitive, and that piece of paper will often give you an edge over other buyers. Plus, you won’t have to spend time digging up all of those financial documents when you have to quickly make an offer.
30- or 15-year? ARM or fixed? There are a lot of different mortgage types to think through, and different options become available to you depending on your circumstances—for instance, if you’re a first-time homebuyer or a veteran. Some options might seem more appealing if you have certain goals, like paying down your mortgage faster. A conversation with your mortgage lender will help you determine the best avenue.
If paying your home off sooner or lowering your monthly payment is at the top of your list, a refinance may be the solution. We have a variety of refinancing options that could help you lower your rate, take cash out for your desired home remodel or consolidate debt. Having a mortgage lender to help you navigate this process can be key to reaching your goals faster.
At United Community Mortgage Services, our top priority is listening to the needs of prospective homebuyers and setting them up for success in the marketplace—long after they close on their home. If you’re ready to take the next step, we’d love to help navigate your journey. Start by setting up an appoitment with your local mortgage lender today.