Applying and qualifying for a mortgage is stressful. Collecting the proper paperwork, organizing your files and financial history, and then subjecting yourself to personal review and possible rejection are all just part of the fun. Some would say that’s only one step above actual torture. Take a few tips from the pros, and make your mortgage process far less painful:
1. Brokers and Lenders and Advisors, Oh My! Contrary to popular belief “financial advice” is not a dirty word. It’s two dirty words! All bad jokes aside, seeking advice from someone with professional experience in the housing and financing market isn’t a bad idea. They can help you understand the processes you’re likely to face and walk you through how to be prepared.
2. Order Of Operations. One of the first things that an expert will tell you is not to put the horse before the cart, so to speak. Getting “approval in principal” will keep you from wasting time on properties out of your price range and give you a better idea of the direction your application and approval process might take.
3. You Don’t Have To Take The First Mortgage You Are Offered. The entire process of applying and getting approved can be a whirlwind. But you aren’t actually obligated to commit one way or the other. If you don’t feel like the terms of a mortgage suit your financial horizon exactly, it’s probably best to take a deep breath and face the reality. You have to do what’s best for you, and that might not be something happening immediately.
For more information about beating the mind games of mortgage application, call an expert at 803-765-1680 or toll–free at 800-854-9484.