Do's and Don’ts of Getting a Loan That’s Right for You - Team Lassen

Do's and Don’ts of Getting a Loan That’s Right for You

When purchasing a new home, there are many steps a buyer must go through in order to be approved. Potential homebuyers must work closely with a team of agents and loan officers to make sure financial documents, proof of employment, credit checks, and more are on track to ensure your home loan approval! 

With your dream home on the line, there is a lot at stake and the initial process can be extremely overwhelming, which is why our team is willing to help! Listed below are four major do’s and don’ts to consider in the process of getting a home loan that’s right for you.

Do: Work with industry professionals! 

Don’t: Think you are in this process alone.

There are many people to coach and assist you through your loan and home buying process such as loan officers, real estate agents, home inspectors, and more! Each of these professionals have a unique skill set that will help guide you throughout each portion of the process, and eventually, help you reach the end goal. It is not necessary for you to be your own advisor when there are professionals, such as the agents and loan officers on our team, who can help guide you every step of the way! 

Do: Get Pre-approved.

Don’t: Look for homes without knowing your exact budget and what you can afford.

When you get pre-approved for a home loan, you will learn precisely how much you can afford. This means you can avoid the depression of finding a home you love only to discover it’s way out of your price range. When you do get pre-approved, you are also able to make a stronger and more competitive offer since a lender has already approved your income and assets. 

Do: Maintain good records.

Don’t: Be caught off guard if you are asked for additional documents.

Mortgage lenders are highly interested in seeing your documentation for things such as income, verification of employment, current debts, etc. By having a clean track record and maintaining your good standing with documents such as W2s, bank statements, and pay stubs, you can help the process move smoother and quicker. Nonetheless, if your advisor asks for further documentation - don’t be surprised. It may simply be necessary to help you close your loan!

Do: Ask as many questions as you need!

Don’t: Panic! Seriously - it’s going to be okay.

Your industry professionals want you to feel confident and knowledgeable about the mortgage process, and grant you a loan that is right for you. Ask the questions you need to ask until you are fully aware and educated on the process. It may seem confusing at first, but the professionals who you choose to help you, such as the agents and loan originators on our team, are here to assist until you reach your end goal. If you keep lines of communication open and learn as much as possible about the loan that’s right for you, you will find that it’s less complicated than you ever imagined!

For more do’s and don’ts within the home loan and purchasing process, make sure to get in contact with one of our team members today!