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  • Writer's pictureRebecca Richardson - Mortgage Consultant

Follow these 3 Strategies for Homebuying Success

No doubt about it, this current housing market is full of twists and turns. Now is not the time to cut corners and hope everything works out OK. Today’s homebuyers need all the advantages they can get and following these three strategies can take help make that dream into a reality.

Broker vs. Bank I bet you think your bank is the best place to get a mortgage. For most people, it’s not.

Finding the right loan strategy in this competitive market can be challenging and your hometown bank may not be the best choice for a competitive mortgage.

When you work with a bank, often they have their own programs, guidelines and rates. If you don’t fit in their box, you could be out of luck.

On the other hand, mortgage brokers have access to all sorts of programs with different lenders.

Brokers work to find the program that best serves you vs. trying to fit you into a mortgage that may not be your best option.

If you want to buy a house, do yourself a favor – think outside the banker and work with a broker instead.

Lock & Shop Even though housing inventory is finally starting to increase, you still may be hesitant to start shopping because the rate you get once you get a home under contract could be even higher than it is now.

To set your mind at ease, you should do a lock and shop.

A lock and shop is where you lock your rate before you find the house. This means you know the rate while you’re shopping for a home assuring you have some protection against the market.

One of the best features is you can lock in that rate usually for 60-90 days. This can give you peace of mind for sure.

Preapproval pays off If you submit an application for a mortgage and you get a “preapproval” immediately … proceed with caution.

Here’s the thing that big box lenders with massive marketing budgets don’t want you to know.

While the mortgage industry uses all sorts of tech to make the process faster and easier, mortgage guidelines are incredibly complex. Ensuring a borrower is actually preapproved takes a little time and documentation and it is more than just “one-click away.”

So that instant preapproval option might seem easy, but it’s risky. You can’t assume in this market. To take the guess work out of homebuying, work with a loan officer who is quick, efficient and takes the time to do a thorough review. Get a preapproval that’s worth something – you deserve the best.

To learn more about all of your mortgage options, check out my blog. My team and I are on call to help serve your home buying needs.

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