It’s Your Life
If you plan to purchase a home in the near future, or if you are planning to refinance your current mortgage, you should understand the importance of the decision that you are about to make. The word mortgage is derived from two French words. The first word MORT means death, and the second word GAGE means pledge. Together they mean, in effect, that you are about to enter into a death pledge. This sounds a bit grim and may overstate the gravity of the commitment that you are about to make, but no matter how you look at it a mortgage is a serious commitment that deserves your attention.
Pre-Qualification Makes Sense
I have been a Florida mortgage broker since 1989 and run a mortgage company that serves the states of Florida, Georgia, Massachusetts, and Virginia. I speak to a significant number of people on a daily basis about their finances. Often people will call and ask to be pre-qualified months before they have begun the process of looking for a home. This is something that we strongly encourage. In some cases these prospective home owners are perfectly qualified and there is little that they need to do to prepare for making a formal mortgage application. But this is the exception to the rule. The majority of people that we speak to could benefit greatly by organizing their finances before making application.
Patience Makes Perfect
When we see that a prospective home owner could benefit from some preparation before shopping for a home we are happy to help them structure a detailed plan. In most cases sixty to ninety days of preparation is sufficient to move a borrower into the position to qualify for a better mortgage with a lower interest rate. Would you be surprised to hear that many people have trouble waiting that extra couple of months to purchase a home? This is in spite of the fact that they may have been renting for years prior to considering home ownership. It seems that the moment that the thought of buying a home occurs to most people they feel compelled to start shopping. Please consider the benefits of a little bit of patience.