Many people know where to get started when looking for a new home - look online, research different neighborhoods, find a realtor. But what about mortgages? How to start looking and most importantly - when?
You want to start thinking about mortgage BEFORE you look at home options because you need to understand you purchase budget. Own a business? Have a rental property? Have low credit score? Newcomer? You probably need professional advice to figure out how much you can afford. What you want to avoid is looking at 800k homes and then realize you can afford only 600k.
Not only that, but mortgage approval (and pre-approval!) process takes time. If you contact your Mortgage Agent 3-4 months or even 6 months before putting in an offer, there should be enough time to assess your individual case and documents.
Contacting your Mortgage Agent a few months before putting in an offer brings other benefits as well: you can get professional advice about your downpayment, about managing your debt to get better mortgage options and you can even get market insights to help you with purchase decisions.
Bottom line is - contact your Mortgage Agent as soon as you start thinking about buying a home, the earlier the better. Book time with me today for a free consultation!
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