Why Selecting lender mortgage before a home is important

Selecting Lender Mortgage before Your Home Search Begins

With access to real estate websites and MLS home listings, when you decide to purchase a home it is tempting to start there. However, without the guidance of a lender, it is hard to know exactly what you can afford and what price range you should be searching in. The first step to buying a home should be meeting with a lender. 

Overcoming Fears

One of the key reasons buyers procrastinate a meeting with a lender is fear. Fear you do not know enough about the home buying process. Fear that your finances are not in order or fear that your credit may prevent you from buying a home. The irony is that these fears create procrastination, which ultimately can become an obstacle. If you search for a home before consulting with a lender, then these obstacles will come up after an offer is made and could result in you losing a house you spent a lot of time to find.

By meeting with a lender early in the process, if any of these fears are a reality the lender can help guide you through making necessary changes and corrections. Once the corrections have been made, you will be able to begin your home search with the confidence that you will be approved for the loan. This can provide added confidence during the offer and negotiation process as well as speeding up the closing.

The lender is your ally. They have seen and heard virtually every scenario. Whether it is challenges with income verification, credit issues, lack of assets or a low down payment, they know how to navigate the home loan options to get you approved. Their primary goal is to help you purchase a home.  Which state are your purchasing your new home in?

Selecting Lender Mortgage What are the Financing Options

After the lender has discussed your home buying goals and reviewed your financial information they can make a recommendation on a home buying program that will meet your needs. Physicians have additional options that standard home buyers do not have access to. This can result in lower down payments, less financial reserves required and greater flexibility with income verification.

The home program you select, along with the prevailing interest rates will greatly determine the amount of financing you will qualify for. These factors give you a price range of homes to look for. Once you have met with the lender and determined you are ready to buy a home it is time to meet with a real estate agent. They will help you find a home in your price range that your family can enjoy for years to come.  

Overcoming Obstacles

After meeting with a lender it may be that there is “homework” that needs to be done before you can buy a home. This might be making corrections on your credit report, increasing your down payment or paying off debt. If you are unable to get financing at this time the lender can provide steps to take which will open the door to home ownership. Often these steps can be completed quickly and within a few months you might be ready to start your home search.

Lenders work with home buyers every day and have a basket full of strategies that will help you get in a home. If this is your first home they can walk you through the process and help you understand the ins and outs of underwriting and purchasing a home. Finding a lender who will take the time to answer your questions, and one that specializes in physician’s home loans will offer the best balance of understanding your specific needs along with the options that are offered in the industry.  If you want to know what programs are available in your state click here!


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