Our onsite agents get asked all the time by both new and veteran home buyers where do they start. So many show up at one of our new subdivisions just looking to see what homes are available, not fully understanding they need to start with the mortgage.
The reality is the first step is getting pre-qualified for a mortgage. Most people don’t want to do this first for fear of commitment. There is NONE. It’s is really free, is NO obligation, does not lock in your rate AND can be done online. You can even change mortgage companies after you find a home to get a better rate.
Here is a list of the general reasons we suggest you do this:
• The new regulations can make it take a lot longer. Any little unknown issue – even a $350 bill for an x-ray 5 years ago that you didn’t know about – can take months to clear up in all three credit agencies
• You may be looking at homes priced way below or way above what you can qualify for or want you actually want to spend every month, so knowing this will narrow your search and make more choices easier to make
• You may be about to add a family member, change jobs, plan for capital gains taxes or buy a new car that will increase or decrease the rate you could get…which has a HUGE impact on your monthly payment and your planning
• Doing all of this will give you a real time frame. So when choosing which home you want, you now know when. You can narrow your search based on what homes will be ready to close when you are…some homes can take five months to build
• Most builders have a partnership with their approved lenders because they know that these representatives and companies will not cause any delays or problems with closings
For more details please call any of our approved lenders below. They can tell you the specifics of your situation.