Wednesday, December 30, 2015

When Should You Start The Mortgage Process?

Studies have shown that over 92% of Americans surveyed have said that they at one point want to own their own home. For many, owning their own home is part of the American Dream.

Part of the process of owning your own home is the mortgage process. Yes, that perfect house that you have found will not be yours until you can make the bankers happy with your mortgage application.

Since joining the mortgage industry over 8 years ago, there is one question that I have been continually asked: "If I am thinking of purchasing a home, when should I start the mortgage process?"

The answer has always been pretty easy. Whether you are thinking of purchasing a home 2 months from now or even 2+ years from now, the time to start the mortgage process is now.

I have heard people say before "we are going to start the mortgage process in a year or two. We need to work on a few things first to get ready." That statement is great and the forethought of preparing for homeownership is a fantastic idea. Here is the problem: Imagine if for 2 years you were "working on a few things" but they were the wrong things? Imagine if for 2+ years you were working on things and thought you were ready, only to find out that during that time you were working on the wrong things and in fact were another 1 or 2 away because of it?

The time to contact a mortgage lender is now, even if you aren't ready or looking to purchase a home for awhile. Your loan officer can pull your credit as well as check your income, assets, etc. If there are things you need to work on (paying off collections, saving for a down-payment, increasing your credit score, etc) they can help you put that plan in place and help you along the way. This will make sure that when you are ready to purchase, that you actually are ready.

Choosing a mortgage lender can be a bit intimidating. There are options such as your local bank, national banks, mortgage lenders, mortgage brokers and more. Rates and fees are important of course- but qualification requirements can vary drastically between all of those choices. If you have challenging credit or income situations, your lender of choice could make the difference between approval and decline. Make sure that you understand what each lender's guidelines entail.

I do hope that this article has helped you to realize that starting to plan for your mortgage financing early is a good idea and finding a great loan officer is key to your mortgage financing success.

Matthew (Matt) Krimm is a Regional Manager with Hancock Mortgage Partners. To talk to a licensed loan officer about your mortgage goals or to answer any questions you have about what programs might be available for you, call 800.535.8417 or apply online @ To contact him directly, call 443.219.2775 or visit his website
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