Purchasing a home comes with its own set of risks, one of which is flooding. Flooding is an expensive, time-consuming, and stressful event that damages thousands of homes each year. Flooding can be caused by natural causes, like a flooded river or other reasons like a leak in your home’s waterline. Up Next: How To […]
5 Things Kansas City Mortgage Companies Appreciate from Homebuyers
The Kansas City mortgage company you choose will help you make the important decision of buying a new home. Therefore you ideally want to develop a healthy and beneficial relationship with the Kansas city mortgage company and lender you choose. Here are some good tips to follow during the home buying process that will make it easier for you and your lender.
Check Your Credit Before Starting the Process
Almost all decisions made by a Kansas City mortgage company depend on inferences they make from your credit report. It may determine if they offer you a loan at all. By calculating your credit score before applying for a mortgage and fixing bad credit, you are less likely to be surprised by your loan officer’s verdict and suggestions. Anticipating and understanding probable outcomes is the first step towards building a healthy relationship with your Kansas City mortgage company.
Don’t Skip Pre-Approval
The pre-approval process may seem tedious, but the benefits of getting pre-approved outweigh the time and resources needed. Not only will you know what you can afford while house hunting (including interest rates), but once you decide to buy a home and officially apply for a mortgage, the process will go more smoothly. In addition, pre-approval is a great way to let a potential seller know you’re serious about purchasing.
Keep Your Credit Consistent During the Mortgage Process
Keeping your credit consistent by making on-time payments will make any Kansas City mortgage company’s credit assessment for potential loans more accurate. In addition, applying for new credit will make your credit score temporarily drop because of the application credit check. This fluctuation may make it difficult to get the loan you need and may complicate the process for your lender.
Don’t Try to “Time the Market”
Once you’ve found a home, you may feel tempted to time the market to get the best interest rate possible. However depending on the market, you could drag out the buying process and lose the opportunity or jump in before you are ready and regret your decision later. This is stressful for both your Kansas City mortgage company and for you. Therefore, if you’ve found a house you love and you can afford the mortgage needed to purchase it, take the next step. If you are unable to make a sizeable down payment, don’t purchase a house just because mortgage rates are low.
Only Sign Loan Documents When You Understand Them
No trustworthy Kansas City mortgage company should expect you to sign an important loan document without understanding what it says. Therefore, don’t be afraid to take your time and ask your loan officer any questions you may have. These discussions often show mortgage companies that you are a serious and reliable customer.