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How to Know When to Contact Your Mortgage Broker

When to Contact Your Mortgage Broker

Even if you’re not ready to apply for a mortgage loan, but you’re thinking about buying a home, the entire process can be stressful. Though it doesn’t need to be because your mortgage broker can help!

It’s true that buying a home is likely one of the largest and most important financial decisions you’ll make during your lifetime, however knowing when and why to connect with your mortgage broker can…

  • Ease the home loan process
  • Reduce a lot of frustration
  • Save you time
  • Possibly even save you money too

Avoid these Home Financing Snafus

All too frequently, homebuyers experience home financing pitfalls because they didn’t know when to reach out to their mortgage broker. Let’s cover a few quick scenarios that will help you understand when and why to reach out and connect.

  • If you’re currently renting and believe you’d pay around the same amount each month for a mortgage.
  • If you have good credit and a good job history and want to buy a house.
  • If you have a sizeable downpayment saved to purchase a home.
  • If you’re a veteran looking to buy a house.
  • If you’re a doctor, police officer, first responder, healthcare worker, or teacher in the market to purchase a home.

If any of these situations sound familiar and you haven’t reached out to a mortgage broker yet, you could end up…

  • Dying a death of 1,000 papercuts producing doc after doc for the bank
  • Delaying your closing because the bank hasn’t processed your loan quickly enough (which we all know affects so many other aspects of your life too UGH!)
  • Spending more to secure home financing than you needed to because you didn’t know that there are custom mortgage solutions available elsewhere

Who do mortgage bank reps work for?

Remember, bank reps work for their bank, not for you. Alternatively, a mortgage broker works with you to help you achieve your goals and dreams of home ownership by finding you the best mortgage program to suit your individual needs.

Mortgage brokers offer a much more personal and flexible approach to service. If you don’t want to be thought of as a loan number or just another file on someone’s desk, working with a mortgage broker is the solution for you.

Applying for a Home Mortgage

If you’re ready to apply for a home mortgage, and by all means, we strongly recommend that you do so, you can lock in your interest rate while you shop for your new home. Here’s what you need to know:
  • Take the time to carefully complete your mortgage application as accurately as possible.
  • If you’re not sure if you should disclose something, complete the application with the mortgage broker as they know what’s required and what isn’t.
  • Gathering your ID and financial documents in advance will help ensure a smooth and quick application process.
  • Not disclosing something crucial upfront will most likely delay the process and might even cost you the home loan approval.
  • Not providing requested documentation quickly and completely can also delay the mortgage approval process and again can potentially prevent your home loan application from being approved.

Not house-hunting yet?

Even if you’re not shopping for your new home yet, there are still three reasons to talk to your mortgage broker first.

Set Realistic Home Buying Expectations

The long and the short of it is this…you don’t want to end up in a situation where you’ve found your dream home, but find out it’s actually just outside of your financial reach. Let us give you an example of how a friend of ours shopped for a pricier mattress than she’d ever purchased before. The scene: she’d been pining over a Tempurpedic for about 10 years.

First, she knew her budget before walking into the mattress store. Second, she only tested the Tempurpedic mattress priced within her budget. This was her mindset, if she falls in love with a different mattress that she can’t afford, she won’t appreciate the one she can afford. So why bother testing more expensive Tempurpedic mattresses and causing herself undue stress about something she can’t have?

Third, just to make sure she really did want the Tempurpedic she also tested a few brands within her price range that seemed as though they’d fulfill her needs. Fourth, she narrowed the beds down to her top two or three then brought her husband back for the final test. The Tempurpedic won! It checked every box the couple had.

Of course, shopping for a mattress is much easier than buying a home, but this should give you an indication of the simple preparation that can help you establish an easier and more satisfying home-buying experience with your mortgage lender.

A Serious Homebuyer Catches the Worm, uh, We Mean Gets the Dream Home

You’ve probably heard this before, but when a home seller (or their real estate agent) sees that you’re serious about buying a home and waltz in already preapproved…the game is on! You’re presenting yourself as a hassle-free soon-to-be homeowner. Don’t let a seller think you’re there just to “kick the tires”.

Know What You’ll Pay at Closing

Once you apply for your mortgage, your broker will help you break down the closing costs. When it comes to origination fees, title fees, appraisal fees, and closing costs, it’s important to know as far in advance as possible about how much you’ll need to bring to closing. Your down payment is not the only piece of the puzzle that comes out of your pocket when buying a home.

How can I lock in my home loan interest rate now?

If you’re located anywhere in the states of Texas or Georgia, we can help. Simply click here to learn more about this custom lock and shop mortgage, hit the apply now button, and fill out the quick form.

We’ll be in touch with you shortly to answer any questions you may have and get you started on the right path to home ownership. Act now before this program is no longer offered!

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