One of the first things we recommend when you’re considering a real estate purchase is to get in touch with a lender. Doing so will be a critical first step in ensuring your success throughout the rest of the process.
To illustrate why, I recently brought on Steve Hankla from Doorway Home Loans—a mortgage expert with 34 years of experience—to discuss some tips for people about to embark on a home buying journey.
Steve’s first tip to all homebuyers was to get pre-approved early on. This will set you up with a clear understanding of your financial circumstances and allow you to proceed with confidence in your home search.
During the pre-approval process, lenders like Steve look at three key areas of your finances: credit, income, and assets. When Steve receives these components from clients, he is able to give them a fully-underwritten pre-approval letter. Being pre-approved allows you to assert offers that are extremely solid, which, in turn, allows you to compete with cash buyers.
Beyond that, top lenders like Steve can also work with you to improve certain aspects of your financial situation in order to boost your chances as a buyer. Polishing up your credit, for example, can significantly impact your success.
Trying to make such improvements without professional guidance, meanwhile, could actually damage your chances as a buyer. For instance, did you know that paying off collection accounts may actually lower your score? This and other factors can take the average buyer by surprise, so it’s no wonder why an early pre-approval is so crucial to your overall success.
Lenders like Steve can identify and resolve certain details of your financial health that may otherwise go unnoticed. Earning the best deal during your home purchase requires a lot of intricate strategizing, and this is exactly why working with a professional lender is a must.
To reach Steve directly and find out more about today’s topic, you can give him a call at (714) 470-5626 or by emailing him at email@example.com.
And, as always, if you have any other questions or would like more information, feel free to give me a call at (800) 309-1528. I look forward to hearing from you soon.