Where Do I Begin Preparing for a Mortgage Application?

If you’re in the market for buying a home for the first time, it may be a bit intimidating to figure out where to start first. Yes, being prepared can help move along the application process more smoothly and efficiently. But what specifically should you do first?

Many believe prospective homebuyers should start with checking their credit score or determining how much of a home they can afford. Some want to start with determining how much of a down payment they can afford to pay. There can be a convincing argument made that any one of those three things should be done first.

However, let’s go back even further. Oftentimes, those who are ready to make a relatively big purchase do a little research to start. First-hand knowledge can be invaluable. A chance to speak with someone who has gone through a similar purchase themselves can be a wellspring of valuable information. So we turn to the people we trust and we ask their advice or ask about their experiences.

Speak With Those You Trust

The people you turn to should be the ones you trust most. That can be relatives, co-workers or acquaintances, it doesn’t matter who. If you trust them, and value their opinion, they can be a great help.

A great way to start is to compile a list of those you know who either bought a home or refinanced recently. Speak with anyone you consider knowledgeable and those you believe would be candid. Find out how they prepared before they talked to a loan advisor. Ask whether there were any delays in the process and what could be done to avoid those delays. Ask if there was anything about the application process that caught them off guard. And finally, perhaps you can ask what they would do differently to make the whole process smoother and quicker.

We understand if you aren’t able to speak with anyone who has gotten a mortgage recently. That wouldn’t be uncommon. Fortunately, there are professional options. Yes, a lender or a real-estate agent would be beneficial to talk to. But the Consumer Financial Protection Bureau also recommends speaking with a housing counselor who is certified by the U.S. Dept. of Housing and Urban Development. You can use the CFPB’s online locator to find a counselor online.

Buying a home, especially if it’s for the first time, can be a life-changing experience. And with such experiences, having the right kind of information from your advisors can help the process go smoothly and help prevent borrowers from experiencing anxiety or remorse.

At Better Lending, we are committed to helping you get through the mortgage application process as quickly and easily as possible. For more information, visit us at www.betterlending.com or call us at 888-400-1373 to speak with one of our load advisors.