Reasons to Talk to a Loan Officer Before Buying
Some of you may wonder when exactly it’s appropriate to get a loan officer involved in the home buying process. Our answer: ASAP.
To start with some good news, your loan officer may be able to show you how you’re closer to being able to buy a home than you think. It’s likely that you are not aware of all of the financing options out there, so they will be able to open you up to numerous possibilities. One of these possibilities is that they can find you a financing option that doesn’t require you to have perfect credit. There are a lot of programs out there that accommodate individuals who have struggled to improve their credit.
Following this, a loan officer is able to assist you in developing a plan to gradually improve your credit. Having a step-by-step plan will make it much easier in achieving your goal of a higher credit score. Additionally, your loan officer will be able to tell you exactly how much you need for your down payment, and also how to save for that if you need assistance with that as well.
In addition, working with a loan officer early on will help you to get pre-approved. This is beneficial as your offer on a home will stand out since you have your finances in order. If there are other offers on the table, they will likely feel inclined to go with those buyers who have pre-approval from their lender.
Likely the best perk of having a loan officer involved throughout this process is that there will be no surprises. You’ll know what to expect, what documentation to provide and how you should prepare for ownership. Reach out to a loan officer today if you’d like to get the process started!