Applying for a mortgage involves a lot of research, paperwork, and decision making. Going into the process, you might expect it to be a stressful and confusing one. But it does not need to be if you have the right resources on your side and approach the process with foresight and planning.
7 Ways to Make Applying for a Mortgage Part 2
In Part 1 of this two-part series, we went over the following suggestions for making the mortgage application process as stress-free as possible:
- Work with an independent mortgage company instead of a big box lender.
- Choose a mortgage broker instead of a direct lender.
- Work with a company that can pre-approve you for a mortgage. Now, let’s go over some additional recommendations that should make it less stressful to apply for a home loan.
- Pick a mortgage company in Florida that takes time to answer your questions. One of the reasons applying for a mortgage can be stressful under some circumstances is if you are confused about the process and your options. If the mortgage process seems incoherent, it also will seem unmanageable. But it does not need to be either. It is common for big box lenders to rush customer through without really taking the time to answer their questions thoroughly. But when you work with an independent mortgage company like Premier Lending Corp, the experience is very different. Our loan experts understand that you may have many questions, and may be looking for someone to hold your hand through the entire mortgage process. That is an entirely fair expectation, as this is one of the biggest financial decisions of your life. That is why we will give you as much time and personal attention as you need, providing you with the detailed, transparent answers you are looking for to make sense of the mortgage process. Once you have those answers, you will feel able to manage the steps on your end. And we will be here to help you with all of them.
- Plan ahead before applying for a mortgage, and see to your credit. The more time you can take to plan for purchasing a home and choosing a mortgage, the less stress will the process will be. If everything is happening at the last minute, you are going to feel rushed. And when you feel rushed, your stress levels go up. So, if it is an option, give yourself as much time as you can. Of course, sometimes you do not have that luxury. If that is the case, we will do our part to help move you through the application process quickly so you can close on time. At the same time, we will make sure that you have the information and resources you need to make smart decisions about your home loan.
- Become intimately familiar with your budget. The biggest reason that choosing a mortgage is a high stakes decision is because it will have an impact over the course of years or decades on your financial future. The pressure of having to make such a weighty decision can cause you to feel stressed. But what can reduce your stress is to know that you are able to make a sound financial decision. The key to doing that is to make sure that you understand your existing budget thoroughly. This is something that you will need to look into anyway, as your debt-to-income (DTI) ratio is one of the main factors that will determine your loan qualifications. Make sure you not only consider your existing income and costs, but also what new costs you will need to manage after you move into your new home. During your consultation, we can help you go over these potential costs and assess how much home you can afford based on your budget.
- Work with a FL mortgage broker that communicates with you. One major source of avoidable, unnecessary stress during the mortgage process is working with a company that does not do a very good job working with you. A big box lender that is in the business of rushing borrowers through may not have the resources or the motivation to stay in constant contact with you through every step of the mortgage process. That can leave you with a lot of uncertainties as to what is going on through each stage. And with all of those uncertainties comes an increase in stress. The way to circumvent all of that stress is to choose a broker that is committed to transparent, ongoing communication from start to finish with the mortgage process. You will find yourself with fewer questions since you are consistently in the loop. And when you do have questions, you will have the assurance of knowing that fast answers are on the way. That allows you to breathe easy through each step in the process.
We Make the Mortgage Process Enjoyable and Easy
Premier Lending Corp’s goal is to connect you with the ideal home loan, and to make that process as rapid, easy, and smooth as possible.
Ready to buy a home the stress-free way? Please contact us at 954-840-8811 to schedule your consult.