For some odd reason, some folks want to put off getting pre-approved for their mortgage until the last minute. Not only is this super risky but it can also put you in a really bad situation. Here are the top 5 excuses I have heard and why they are a bad idea:
1. “I am going to wait until I find the right home”- This is actually causing you to go backwards. Before looking at a home you need to get pre-approved to find out how much home you can get approved for, how much money you need to buy the home and if you can even get approved for a home. By looking at homes first you risk missing out on that home by not being pre-approved.
2. “I am going to wait until my home is sold”-Even if you are wanting to sell your home before buying a new home, you will want to get pre-approved for your next mortgage. When your home sells but you don’t know if you are pre-approved you could end up renting or staying with family. So have a plan first, get pre-approved.
3. “I am getting my down payment in a month and will do it than”- Having a down payment is a huge part of buying a home and a requirement. But get pre-approved first so you know how much down payment you really need and how much home you get approved for.
4. “I am working on my credit”- Even if you have “not so perfect” credit, you should get pre-approved by a trusted mortgage professional. They will guide you in the right direction to improve your credit. Don’t go down this road by yourself, let them guide you. I do this all the time for my clients and many go onto buy a home.
5. “I make enough, it won’t be a problem to get approved”- This could be very true, but you need a pre-approval letter to make an offer. And many Realtors want to see you are pre-approved before showing you homes. And wouldn’t it be better to be sure, then to get a big surprise when you find your dream home and you can’t get approved…..
Don’t put off getting Pre-Approved for your Mortgage, it can only hurt you.
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Mortgage Banker NMLS#293883
Core Lending dba of Weststar Mortgage Corporation
Branch NMLS#868672 WMC NMLS#93243
Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide
Approved MCE Instructor
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