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When is the Best Time to Speak with a Mortgage Professional?

The iServe Blog

Your home may be the largest purchase you make, and speaking to a mortgage professional at the right time can help you get the best possible outcome. It may seem counterintuitive, but the right time to speak to someone about your new home is very early in the shopping process. This important conversation with a residential mortgage company can help you discover what you can afford to spend, which will help you narrow down your choices and select the best possible home for your family.

Driving around looking at homes and dreaming is fun, but speaking with mortgage loan lenders can help you get a realistic idea of the options that will suit you best. You’ll be able to find out how much you can spend, what your new home would cost each month, and the product that is right for you. Prequalification will help you learn about your options and give you an excellent understanding of the process.

Speak to a Mortgage Loan Officer Now

By getting prequalified early, you’ll be able to get the information you need to make a great decision about your home – and you’ll avoid disappointment, stress or delays in the mortgage loan process later. Some benefits of speaking to a mortgage loan officer at the start of your home buying journey include:

  • You’ll find out how much you can afford: You may be pleasantly surprised at the amount you can spend; finding out your buying range can help you zero in on the right home and neighborhood quickly.
  • Your offer will be more appealing: Sellers love pre-qualification; your bid will be more appealing to a seller with multiple offers. By getting pre-qualified for a mortgage loan, you make your bid more likely to be accepted, especially if there are multiple bids on the table for the seller to choose from.
  • Save time: Once you find your dream home, you can begin the closing process right away. By completing your residential mortgage application first, your lending team can spring into action when you need them to. Faster closing means less stress and hassle for you and swifter possession of your new home, too.
  • Boosted motivation: Once you have that pre-qualification in hand, you’ll switch your saving habits into high gear and start looking for your new home.

How to Get Prequalified

Connecting with a mortgage lender is the first step; they’ll guide you through the application process and ensure that you have everything you need. You’ll talk to a loan officer about your goals, income and credit, provide some documentation, and swiftly get an idea of what you can afford and which loan product type is best for you.

A lender that is used to dealing with a variety of home types and that is familiar with VA loans, USDA loans, FHA and conforming loans can spot the right product for you and facilitate the process.

No matter what your dream home looks like or how much you can afford to spend, we can help you with the mortgage lending process. Contact us to get started and to find out how easy it is to buy your new home with confidence, simply by getting pre-qualified first.