You should never go into your home search without getting qualified by a lender first. Here’s why.
Homebuyers are often so excited to find a home that they simply hop in the car and start driving around neighborhoods. However, these homebuyers are forgetting probably the biggest step of the process: finding a lender.
It’s very important to get qualified before beginning your search. It’s horrible to find the home of your dreams only to later realize you simply can’t qualify for it.
Though you already have an idea of what you can afford, your lender will ask the pertinent questions to uncover what you’re truly able to buy. You want to know what you’re comfortable paying each month, and you don’t want to be looking at homes until you have this number.
“It’s horrible to find the home of your dreams and later realize you simply can’t qualify for it.”
I give all of my clients three options to choose from and interview in order to find the perfect lender. One of my best lenders underwrites clients ahead of time, meaning my buyers know their loan amount is secure. Many lenders do not do this.
A lot of clients ask if they should use their bank instead of the lenders I refer. Well, a lot of banks take more than 30 days to process a loan, and many sellers aren’t likely to accept loans that exceed the 30-day close of escrow. I don’t want to steer you away from what you’re comfortable with, but you definitely need to ask your bank how long your loan will take. Banks and lenders have the same guidelines, so your choice makes no difference in what you’ll be approved for.
The bottom line is that you want to be sure you’re able to close a deal, and lenders can often handle it better than the big banks. If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.