If you’re in the market to purchase a home, you’re faced with some unprecedented challenges. Although the process of considering, viewing, and ultimately writing offers on a home is easier now than it was when our state was in full lockdown, things are far from “back to normal.”
The first step in the process is all about money.
1. Reach Out to Your Lender
If you’re buying a home, you’ll (obviously) need a way to pay for it. For most of us, that means a mortgage. Before you start your home search, reach out to your lender to make sure you’re aware of any changes that have occurred in terms of financing qualifications. Thanks to uncertainty in the mortgage markets, certain banks are tightening their standards for lending, so making sure you still qualify for your loan is a must.
2. Check the Rates … then Check Again
If you’ve already spoken to a lender and locked in a rate, it’s still a good idea to go back and revisit what rates are available. With the huge drops in mortgage rates, it’s in your best interest to check with your lender before beginning your home search to make sure you’ve got the most competitive rate available.
3. Shop Your Loan Around
If you don’t already have a local lender, make sure to shop your loan around. As a mortgage borrower, you’re a valuable asset to a bank. In addition, a buyer and their Realtor’s relationship with preferred lenders are more important than ever before. When selecting a lender, you want to find someone who has control of the loan approval process and will get you to the closing table, even if the terms are slightly inferior to an online lender.
Remember, a “preferred lender” relationship with your agent or broker isn’t about a financial partnership – it’s about a track record of success on transactions. At Corbett & Co., we have preferred lender partners who have shown that they can get the job done dependably for their clients every time – so just ask.
Above all, go local. Local lenders know the community, can better identify with your long term goals and will apply personal dedication to the experience to ensure you become a long-term client.
- Reach out to your lender to verify your pre-approval status
- Verify your loan rate is the lowest available
- Shop your loan around to different lenders to get the best deal possible
- If needed, ask your Corbett & Co Realtor for a recommendation on preferred local lenders