When you want the BEST mortgage deal and when you desire LESS stress in your life, then you apply for the loan at least two weeks prior to looking at ANY homes online.
Start the loan process two weeks before searching for a property for five reasons:
- Too often buyers miss out on a property because they do not have a pre-approved loan and are dealing with researching lenders, loan programs, rates, etc.
- You will be able to submit a much better purchase offer when you have a loan approval in your hands to give to the seller and agent, as well as knowing when you can close on the home.
- If you want to visit the house to look inside the day it is offered for sale, most of the best realtors will not allow a borrower to physically visit the house without a pre-approval.
- It is easier to work on the loan separately from the home purchase, due to all the paperwork and home purchase contingency demands.
- There are big differences between lenders’ loan programs, rates and fees. Better to find the best early in the process.