Are you in the market to buy a new home? If you are, the first thing you need to do is find a lender willing to work with you on financing your home. The mortgage is the most important aspect of any buying process. Without a mortgage, you can’t buy a home unless you can afford to pay for the home with cash. Your mortgage determines what you can afford, how much house you can have, and where your finances will be when you buy a home.
It’s also imperative you find a mortgage before you shop for a home. Plaza Home Mortgage advises all their customers to find a mortgage and then shop for a home, because going through the process the other way around can have severe negative effects on the process. Why find a mortgage first?
The Dangers of Shopping Without Preapproval
When you shop for a home without a preapproval, you run the risk of limiting your experience and making it unenjoyable. The biggest issue is budget. You simply have no idea what a bank might lend you until you apply for a mortgage preapproval. You might make the mistake of assuming you know what you can afford, but you might be incorrect. A bank won’t finance you for what you want if you have less than perfect credit or your income isn’t high enough. Don’t shop before you know what you can afford. You might find a home you love only to find out later you can’t afford it, and that changes the buying process significantly.
The other danger comes in the form of your realtor. Many realtors require their clients obtain approval prior to shopping. You might find it difficult to find a realtor without preapproval. These are individuals who work very hard for their customers, but they’re not paid for their time. They’re only paid when they make a sale, so they want to work with only serious buyers.
If you don’t have a preapproval from your bank, you might not have offers accepted. Preapproval means buyers have a much better chance of being approved for the final mortgage, and the closing process is faster. Sellers want fast closings, and they want to work with buyers who are serious. If you submit an offer for a home you love and don’t have that preapproval, don’t be surprised if the seller doesn’t accept your offer.
Plaza Home Mortgage Rates and Options
Don’t worry about finding a loan anywhere else when you work with Plaza. This company works with customers of all backgrounds, financing them for loans that they might not otherwise receive elsewhere. Plaza works with customers with low income, no down payment, a small down payment, a large down payment, and those who need help finding a mortgage that affords them a home.
There are competitive rates available, but your credit score is the ultimate deciding factor when it comes to your rate. If you have a high credit score, you will get a lower rate on your home loan. Plaza has an excellent reputation for helping customers who don’t think they have a chance of being approved for a good mortgage. Let your personal loan officer make your dreams come true by providing you with loan options you didn’t even know were a possibility. This is your time to shine, and this is a company with an excellent lending reputation. Stop here for a pre-approval to help you get the process of buying a new home started on the right foot.