Carrie Alavezos

Are You Afraid To Find Out If You Qualify For A Home Loan?

Today I had the pleasure of meeting a wonderful family who is new to Willits, Ca. and looking to purchase a home. Meeting new folks each day in my line of work, is by far, one of the regular highlights in my career. When I sit with a new client, one of the first questions I ask is, "have you met with a lender?" Although a NO response happens more often than not, it never seizes to surprise me. After hearing it again today and the reason why, I decided it was time to blog about it. Without being pre-qualified for a home loan, you will not know what price range you should look in, how much money you will need for a down payment, or how much your loan will cost you.

Fear, is the reason I hear most for not meeting with a lender sooner. People are uncomfortable talking about their finances. They are afraid of being judged and they are afraid of finding out they may not qualify for a home loan. For me, the biggest fear is not knowing, and I know there is amazing peace, personal power and positive change that comes with having knowledge about your life, what is working in it and what is not. So be Brave my Friends.

Only two things can happen in your meeting with a lender; you will find out if you qualify for a home loan, or you will find out that you do not qualify for a home loan.

If it is your time, and you qualify for a home loan, you will learn how much you qualify for, which in turn lets me know which homes to show you ( your time is not wasted looking at homes in the wrong price range). You will learn how much you need for a down payment, and how much your home loan and closing fees will cost you (loan, title and escrow fees are traditionally referred to as closing cost). This information is very helpful. When you find your dream home, these figures will assist me in packaging your offer. I may use this information to ask a seller to credit you the amount of your closing cost to make your property purchase possible and/or more affordable for your budget. This is a common request and practice between buyers and sellers.

If it is not your time, and you discover you do not qualify for a home loan, your lender can advise you on what is needed to be in a position to purchase your dream home. It is not a failure, it is only a delay in the process and an opportunity to learn. Because this has happened with some of my clients, I have made a point to only refer lenders who are willing to answer questions and give guidance to my clients so they can correct the issues that are preventing them from qualifying for a home loan. Knowledge is Power. Once you discover what is holding you back, you can make the needed changes to move forward.

Personally, I only work with people I enjoy and who do good work, and I encourage you to do the same. So ask around, interview your lender, chat a little, if it feels like they are someone you would enjoy working with, then move forward (I would not allow someone to run my credit until I felt sure this would be the lender I was going to work with). I am happy to give you names of lenders I work with. Again, be Brave my Dear Friends, and call a lender today to find out if you qualify for a home loan!