In this housing market, the timing for your loan qualification can be a critical issue. With the market as competitive as it is, failing to get you ducks in a row with your bank can be the difference in whether you get your dream home or not. Following these simple tips can make the home purchase experience much less stressful:
- If you are even thinking about purchasing a home, get your financial records in order before you find the home. Having these records on hand can make the qualification process move much smoother, and will hopefully avoid the necessity of continually updating documentation to you lender;
- Find a good lender prior to making an offer on a home. With several option available from conventional lenders to mortgage brokers, or even online services, it is best to find your lender before you need your lender. Solicit advice and referrals from friends or family you know who have recently gone through the process;
- Once you find a lender, get yourself prequalified, or if possible, pre-approved for the loan. This will help make financing contingencies in your contract a non-issue; and fianally,
- DO NOT UNDER ANY CIRCUMSTANCES MAKE LARGE PURCHASES AFTER YOU’VE SUBMITTED YOU LOAN APPLICATION AND BEFORE YOU GO TO CLOSING!!! I cannot state this enough, large purchases, such as cars, boats, plastic surgery, or expensive trips can derail your qualification and make you lose out on the home. Even applying for a credit card can disrupt the process. Be patient, these things can wait until the closing is over.
If you are in the process of buying a home, please feel free to contact our office to guide you through the process. We’ve closed thousands of transactions in Horry County, and are available as a resource for you whenever needed.
The Law Office of Dennis J. DiSabato, Jr., LLC
3888 Renee Drive, Suite 201
Myrtle Beach, SC 29579