Liberty Ranch Oklahoma
One of the biggest mistakes a person can do to start the steps in the buying process is shopping for a house before the pre-qualified for a mortgage? Most people get so caught up in the excitement of buying a new home do not realize they are putting the cart before the horse. They can spend hours of your time and your agent real estate time to find that perfect home, only to discover that not qualify for a mortgage because of an unexpected obstacle or new guideline.
So What's the problem?
Well, the big problem is that everybody wants to have a pleasant home buying experience, but if a buyer starts the process in search of his home before getting pre-qualified, then we run the risk of making the purchasing process much more difficult and potentially frustrating for the buyer, realtor, sellers and even your loan officer.
Let's play a scenario that can see what can happen if you are looking for a house before knowing if you are qualified to buy that house:
- Go out and find the perfect home that has always wanted only to discover that the lender can not prove that you can afford. How do you feel? Do you mind? Absolutely!
- Thus which is now annoying! You are upset by the lender because he / she can not get the home loan you want to buy nice house you just fell in love with. You are angry at the real estate agent for leading you to this house that you can not buy. All parties involved are upset about a situation that could easily have been avoided.
- Now that you've found the perfect house you can not buy, can not get it out of your mind. Just look at the price range will compare. Now, instead of having a pleasant shopping experience has become an experience of dissatisfaction for all involved.
- More than anything, we have brought undue stress on yourself. It has created a situation for himself that could have been avoided if he had known best practices in purchasing of a house.
So what should you do?
Get Pre-Qualified FIRST! Putting the horse before the cart where it belongs. Before once you begin looking at homes and meet their real estate agent, meet with an experienced mortgage consultant who can get you fully pre-qualified. Sure choosing a mortgage consultant who is not only willing but able to educate you so you understand the entire loan process and all the options available to you. Once your consultant has met with the mortgage, you should have a much better idea of what you can afford, what kind of loan you qualify for, and feel much more relaxed when shopping for your new home!
By getting pre-qualified first, you know how much house you can afford. Also accelerate the loan process because their mortgage consultant will take your information and when you find a home. Now, you will be able to meet your real estate agent, tell them what kind of house you are looking for and what your mortgage consultant has pre-qualified for. This will make your job a lot easier to find the best home for your money.
I can not stress enough how following these steps in the buying process will make your home buying experience an easy and effortless process. Just be sure to find a qualified mortgage consultant who has your best interest at heart. There are a seller, but is really interested in doing buying a house work as painless as possible for you.
Buying a home can be a joy! Just make sure you know what you can afford before start shopping. You will be much more relaxed and confident, and will allow all participants the ability to go to the home you want in the budget you have.
Don M. Carriker Jr. is a Springfield, MO Mortgage Consultant with Liberty Bank. He serves all of Missouri and the surrounding states of Arkansas, Kansas and Oklahoma. Since 1997 he has been helping his friends and clients make smart decisions when it comes to buying or refinancing their home. Don is regularly interviewed and endorsed by Springfield’s #1 Talk Show Host, Vincent David Jericho, on KSGF 104.1. You can hear the Vincent David Jericho Show Monday thru Friday from 6am to 9am.
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