When you are going to buy a house and get a mortgage - you are really making two purchases - not one! Too many people make the mistake of thinking they are only buying a house, when they are actually buying a house and a mortgage.
So, which is easier, getting a home seller to agree to sell you their house, or getting a Mortgage Lender to approve your loan application? Obviously, getting a house under contract is pretty simple - getting a mortgage can be simple, too, if you are working with the right mortgage professional.
So, if you have two things to do:
Buy a house Buy a home loan to pay for the house
And, if it's easy to do #1, and hard to do #2, shouldn't you do the tough job first?
In all our years of mortgage lending experience, we have never met anyone that woke up one day with the dream of getting a mortgage, the dream is to own a home. So people start looking for a home first, and that can be a HUGE mistake!
Here are the 5 reasons to get your home loan down first, and then buy your house:
You will know you can buy your new Home. By getting your loan application underwritten and approved BEFORE you look for a home you will know that you are getting the loan. Remember, it's easy to get an offer accepted on a house - get the tougher purchase, your mortgage, done first, and buying the house becomes easy. You will know what to expect. By getting your mortgage first, you will know the steps from start to finish: the timeline, who is involved, the costs, how much money you will need, and when you will need it. No Surprises, and no last minute nightmares. You won't spend too much, or too little. When you have already 'bought' your home loan, you can use it to buy any house. You will know how much money you will need to buy the house, and you will know what your payment will be. If you buy the house first, and spend too much, you can find yourself stuck in a house that you can't afford to really live in. If you spend too little, that's a problem, too. Why? Because, you will want to move in a shorter time period and that costs you a lot of money - so buy right the first time by buying your mortgage first. You will get a better deal. By getting your Home Loan application approved first, you will be able to negotiate from a stronger position, because you will not have any financing contingencies when you make the offer, making the seller more motivated to accept your offer. You will enjoy the process! If you are educated, not rushed, and comfortable with your mortgage and home buying decisions, you will find that getting a home loan and buying a house is not stressful - do it in the right order and you will actually enjoy the whole process! You will eliminate the stress associated คอนโด ราคาถูก with those lenders that wait until the last few days to underwrite your loan, since your underwriting is already completed.
You've heard the horror stories, and they are true. The Mortgage industry is famous for lousy service and closings that would make the average home buyer cringe. The nightmares are often caused by Home Buyers, real estate agents, and Mortgage Lenders not working together and planning ahead. The nightmares are a result of buying the house first, and then, with a timer ticking, rushing and struggling to get the harder job done - buying a home loan.
Get your Home Loan approved first, become an educated and prepared home buyer, and your dream will not turn into a nightmare.
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