You’ve likely had friends buy a home before.
Maybe they complained about the reams and reams of paperwork they had to sign, or the dozens of bidding wars they got into before finally finding the home of their dreams. Maybe they even filled you in on the loads of financial documentation they had to gather from their employer, accountant, bank, and other sources.
And while those recollections may be true—at least for your friend—the truth is they’re not very helpful. The mortgage loan process is constantly in flux, and thanks to new technology, good lenders, and supportive loan officers, applying for a mortgage is actually easier than most first-time buyers think (and than it was for your friend a few months ago!)
Are you about to apply for a home loan? Here’s what your friends didn’t tell you:
There’s lots of tech to help.
All that paperwork and documentation is necessary to approve your loan, but in reality, it doesn’t take much work to gather. Many lenders are linked up with third-party data sources, so you can send your documentation directly from your bank, employer and other vendors instantly and without much hassle. There are also platforms that let you sign paperwork digitally on your phone or computer, so you never have to head to an actually office—except on closing day.
Not all lenders are created equal.
There are hundreds of mortgage lenders to choose from out there, and not a single one is the same. Some offer better service than others, some offer educational programs and resources to guide you along, and some even let you apply for your home loan completely online and digitally. Make sure to do thorough research and really find the lender that meets your unique home buying needs.
You can get started early.
There’s no rule saying you can’t start readying your mortgage application before you’re actually on the market for a home. If you know buying a property is on the horizon, work on improving your credit score, gathering financial documentation from your bank, employer and accountant, and looking for the right lender and real estate agent to help you along the way.
The mortgage loan process can actually be easy—despite what your friends might have told you. Just make sure you do your research, find the right mortgage lender, and use the right tools. The rest will fall in line easily. Contact Embrace Home Loans today for more guidance.