5 Reasons You Need to Talk to Your Home Loan Lender First

October 20, 2021
Last updated:
November 15, 2021
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Whether you are shopping around for the perfect home or hoping to buy one in today’s competitive real estate market, you will need to talk with your lender first.

As you start to shop around for the perfect home, it is important that you contact your lender first. Homeownership is a big investment, and getting an early start on preparing your finances before you go shopping can save you money and headaches.

When you speak with your home loan lender sooner rather than later, you can negotiate the best possible terms and interest rates ahead of time. Even if you are just beginning to search for an available loan, understanding your options can help you determine which type of loan offers the best chance of meeting your financial goals.

Talking with your lender first also provides you the opportunity to explain any unique circumstances or needs you may have that may make it difficult for you to qualify for a standard loan, and that’s not all. Here are five more reasons why you need to talk to your lender from the onset.

What Are The 5 Reasons You Need To Talk To Your Lender First?

As you may have guessed, there are more than a few reasons why you should speak with your mortgage lender once you decide it is time to purchase a new home. But the top 5 reasons to speak with your lending institution or mortgage company before you do anything else are as follows:

1. Reveal Your True Home Buying Budget

Before committing to a house, you need to figure out how much you can afford. Talking to your home loan lender and getting preapproved will help make sure you’re looking in the right price range. Furthermore, you want to make sure that you are prepared for the additional costs that are associated with homeownership, which your lender can help you estimate before you go house hunting.

2. Receive a Referral to a Trusted Agent

A home loan lender you can trust is important, and it also comes in handy when you need to find a trustworthy real estate agent. Good lenders know good agents who are local to the market.

3. Gain a Competitive Advantage

Knowing what your financial limits are and being able to put in an offer with confidence can show that you are serious about buying the home. One of the best ways to be prepared is by getting pre-approved with a home loan lender as soon as possible.

4. Expedite the Home Buying Journey

The process of buying a house and applying for a mortgage takes some time to complete, even for experienced home buyers. But the good news is that once you’re approved by a lender; the whole homebuying process may only take two to four weeks. So if you are interested in speeding things up, then getting in touch with your lender or mortgage company as soon as possible definitely helps.

5. Control Your Financial Future

When you are looking to buy a house, you need honest advice from experts who can help you navigate the complex process of getting a mortgage. You want someone who will give you reliable guidance and understand your specific situation. The right mortgage lender will also reach out to you in the future if rates drop, and allow you to save money through a refinance.

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Why Is Speaking With A Home Loan Lender Crucial In General?

Your home loan lender is your ally, and if you want to buy a home or refinance your existing mortgage, it is important to speak with a lender as soon as possible. They are there to help you solve your problems, secure funding for your purchase, and make sure you stay in your home as long as possible.

Of course, there are multiple lenders/lending institutions to choose from if this is your first time purchasing a home. Nonetheless, even if you are a seasoned buyer, the key is to determine which lender will be best for your situation and goals. Contact a reputable lender, and don’t be afraid to ask lots of questions. Communicating with your Loan Officer (LO) regularly will ensure your home loan process goes as smoothly as possible.

What’s The Bottom Line?

Home mortgage lenders are professionals who help clients attain the loan funds they need to secure their dream home. But the truth is that many people don’t realize they need to speak with their mortgage lender first before making any personal finance decisions.

If you are contemplating a new home purchase in the near future, one of the most important aspects of financing your new home is to see if you can get preapproved for a mortgage in advance. Not only can your lender help you get approved for a home loan, but they can also give you a better sense of how much house you can afford, and inform you of the best loan terms and conditions that are available.

So, what are you waiting for? Begin the home buying and mortgage process today by contacting a knowledgeable lender or mortgage company. This will reveal what you can afford now, what possible programs are available to assist you in your purchase, what real estate agent to contact, and when or where you should start house hunting.

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Ready To Make A Home Purchase?

Are you curious about mortgages or ready to jumpstart the homebuying process? If so,  Sammamish Mortgage can help. We are an online mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We currently offer many mortgage programs, loan products, and financial services to buyers all over the Pacific Northwest and have been doing so since 1992. Contact or call us today with any questions you have about mortgages.

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