The first step in the home buying process is to determine how you are going to pay for the home. Most of us do not have enough cash to purchase a home without a loan (unfortunately), so we have to find someone to lend us the money. This is intimidating for many of us, so we put off the home mortgage pre-approval process until the last minute.
This can lead to disappointment if we spend many hours looking at homes and planning our future living situation, only to be let down by a loan officer later on. However, there really is no need to feel intimidated. The mortgage loan pre-approval process is not difficult.
Local loan officers in Colorado Springs are very excited to gain new clients. When you approach a loan officer to discuss your mortgage options, you are a valuable asset to their business.
You should be pampered and catered to throughout the process of getting pre-approved and purchasing your new home. This should alleviate any fears that you have about the mortgage process.
A Good Loan Officer Will Treat You Like Royalty
Good loan officers are not scary. Remember, like REALTORS®, they don't get paid unless you close a transaction with them, so they are highly motivated to help you get to the closing table. They are also motivated to earn your positive reviews after the closing, in hopes for future referrals. When you talk to a loan officer, you should be treated as a valued customer, so DON'T BE SCARED! You are a highly important asset to their professional success.
If you feel intimidated by the loan officer that you are talking to, move on to the next one. There are many loan officers desperate for your business. Don't wait to find out how much buying power you currently have. Do the work up front and get your mortgage loan pre-approval taken care of right away. You'll feel more empowered and confident once you have completed this important step.
Some people view a mortgage loan officer as a judge. They hear your case and decide whether you are guilty, or not. In reality, a good mortgage lender will take your current financial situation and give you all the options available. They will let you know if you can purchase a home right now. They will also let you know what your buying options are and how to adjust your finances to get a better rate.
My mortgage lender has helped me understand how to better structure my taxes to reflect my income and how to properly uses (or not use) credit cards to boost my credit rating. I have learned many things from my mortgage lender and he is very willing to coach me on the best ways to structure my finances to get great loan terms.
Looking At Homes Online is Fun!
Almost every day, someone contacts me about a home they found on my website. They may have looked at 100 homes online and now they are ready to request a showing. I love showing homes to people, so I respond immediately. I thank them for using my site and then I ask them if they have been pre-approved for a mortgage. Much of the time the answer is "no". I then help direct them to a mortgage lender who can walk them through the mortgage loan application process to get pre-approved.
It's fairly common that someone needs to fix a few things on their credit and/or file their tax returns before they can purchase a home. When I talk to people who have not determined how they would pay for a home, I'll usually respond with my curiosity as to why they haven't pursued that answer yet. It usually comes down to two things: looking at homes is fun and talking to mortgage lenders is not. I completely understand.
When I buy a car, I can sense the salesperson sizing me up to see if I am just looking for a test drive, or if I seriously need a car. If time wasn't such a precious commodity these days, I could see the desire to know how certain cars handle on the road. As a sales professional, I don't want to waste another salespersons time. Apparently, there are people who like to do this though. They like to go to dealerships and test drive cars without ever planning to buy one. Many salespeople don't mind it either.
I recently went to get my truck appraised at a very large dealership and the salesman wanted me to drive every car he could find. His hope was that I would drive something new and want it right away. It didn't happen for me, but I'm sure it happens often enough to keep salespeople motivated to do more test drives.
There's Really No Pressure!
I like when people test drive my website. They can look at homes forever if they want. I purposely do not implement forced registrations (like most other local real estate sites do) because it seems intrusive and rude. Sure, I may get many more leads that way, but I would rather steer away from that type of business practice. I don't like when businesses try to capture my info and implement my data into email marketing lists, so I never do it to others.
I do like when sites steer me in the right direction when I am ready to move forward. For this reason, there is a page on my site (see the top menu bar) for people to fill out a quick form to start the loan pre-approval process if they are ready to move forward. Browsers can fill this out at their discretion. Once it is filled out, I send it to a professional loan officer who will then work with the applicant to help them through the full loan pre-approval process. This usually requires a loan application and a phone conversation to verify the data. It's very easy.
If you are looking at homes and you have not taken the first step to determine how you are going to fund your home purchase, please CLICK HERE and fill out the simple form to get started on your loan pre-approval.
Hi There! I'm the founder of Great Colorado Homes and the creator of much of the content on this website. Thanks for taking the time to read this article. Please feel free to leave a comment in the message box below, or to share this article on social media with someone who might benefit from it. I appreciate your time here on this site and am always open to suggestions and ideas from our readers. Feel free to contact me anytime at email@example.com.
Our Most Recent Blog Posts: