It’s every person’s dream to buy a house of their own. There are certain things to do before buying a property like for example you have to consider your financial status and arrangements for a home loan. If you are considering to take a home loan then you might have to bear with monthly repayments for years to come. It can be very stressful for first-timers to apply for a mortgage, especially when you are not familiar with the whole process.
What Would the First Meeting Look?
You don’t have to worry too much even if you are new to this. The first meeting with the lender can get easy to handle if you are ready with all the documents and know what to ask. You should clear all the personal financial details so that they can evaluate your situation and predict how much you would be able to afford. Then, they would offer you conditions that are best suited. These meetings may not stop with just one session. It may take some time to get all the necessary information. Sometimes the meetings need not be face to face but over the phone.
Remember that when you sit with your Seattle mortgage lender, make sure they are reliable and trustworthy as you would disclose personal details. The best option is to get a trusted local mortgage lender like Sammamish Mortgage, which provides different mortgage products and programs in Seattle and some of its neighborhoods since 1992. Years of expertise with a capable team of advisors give the clients low rates and fees with satisfactory service.
Are You Prepared?
When you are determined to take the first step into applying for a mortgage loan, prepare a checklist.
The initial list would contain the following –
You should be clear about how much you spend every month and how much you save from the total income. You will always get a preference and favorable conditions if you have a stable income. The lender would have a definite concept of the amount that they can loan you with confirmed repayment.
· Credit score
Check your credit score before your application. A good credit score would have a better impact whereas, a subpar credit report can decrease your credibility. You can also ask the advisor for ways to improve your credit score.
· Kind of mortgage you need
If you focus only on what you want, you can narrow it down to suitable mortgage programs. You should be aware of the eligibility criteria of each option.
· Paper works
The vital step is to prepare all the required documents in time, starting from current credit statements, tax payments, insurance, income, and bank statements to investments. Do not give any false or incomplete information.
How to Pick the Right Lender?
Here are some pointers that may help you in choosing the right lender –
- They are legitimate businesses licensed and authorized by the proper regulatory body.
- They answer all your answers and have good customer service.
- They give an instant estimate of customer-specific fees and monthly payments.
- They are transparent about any additional costs and rates.
- They have good customer reviews and would promptly address any customer dissatisfaction.
- They have various mortgage programs.
Online processing has removed many discrepancies and fuss over the lending process. You can submit documents, track the progress of your application and at the same time compare different programs. It saves both time and effort.
Ask for Referrals
Do not forget to ask your family, friends, and real estate agent the contact of a lender. They would give you more honest reviews. But you should remember that everybody has a different financial situation, and you should not follow these referrals blindly.
You should pay more attention to the current housing market and interest rates. If you are aware of the current market, you would know whether you are at the losing end when deciding on the mortgage program.
The Right Time to Seal the Deal
If you have previous debts or pending credit payments, make sure to settle them all before you apply for a house loan. However, once you consider all the details, do not delay closing the deal. The rates change in real-time. The rates you are getting right now may change in just a few days. So, make your decision quickly but wisely