Procrastination Does Not Pay When
You Hope to Finance a Home
– Olin Miller
– Karen Lamb
“Procrastination makes easy things hard, hard things harder.”
— Attributed to Mason Cooley
“The secret of getting ahead is getting started."
_ Mark Twain
The four quotes above all surround one universal theme ... the dangers that lurk for those that procrastinate.
Stories containing this message or lesson are familiar within many of my posts. In one form or another, stories of procrastination, how it has been the root cause or contributed to a client's mortgage processing misery, and tips for its avoidance, have popped up over and over again throughout my writing.
Why do I focus so heavily and intently on this?
Perhaps in financial decisions, second only to health decisions, does procrastination take such a heavy toll upon someone's life. Doing nothing ... or waiting too long ... can be very costly.
As it pertains to seeking mortgage financing, delaying and avoidance can certainly elevate costs. Those costs can be paid or felt in a variety of ways.
How?
Procrastinate or not perform a proactive credit check prior to actively looking for a home and you will most likely pay a higher interest rate for your mortgage. Cha-ching!
Wait too long to take proactive actions regarding your finances prior to viewing homes or making a mortgage application? That's risky too.
It takes time to raise credit scores. It can eat up valuable time to address credit concerns or errors found on a credit report.
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Should you presently be hoping to buy ...
The current housing market (Spring, 2023) we're experiencing is a demanding one, requiring that buyers be educated, informed, and prepared to take action quickly.
Any delay in speaking to a lender, answering questions, responding to communications, or producing needed paperwork while seeking preapproval or making mortgage application will most certainly cause everyone involved in the transaction to feel higher stress levels.
Simply, the more proactively you plan and prepare with your lender for your buying and financing the better. Even up to a year prior to home buying/financing is not too much time to allow ...
Let me repeat: The more time you allow yourself and your lender to "stage" you and your finances for your upcoming mortgage application, the better off you'll be.
Today's home-buying process is still highly competitive in many housing markets. Homes available for sale move very quickly.
Taking pre-emptive actions with your mortgage lender could even protect you from losing out on a home you really love. You'll be better able to make decisions and take action more quickly than unprepared buyers. That can be very appealing to eager sellers.
Your proactive actions also allow beneficial time to your lender ... time they can put to good use. With that time they can:
- Check your credit and credit scores
- Offer guidance to help you lower or eliminate debt
- Help you raise your credit scores
- Reveal opportunities for savings
- Address initial documentation requests
- Find the best loan program for YOUR case
- More
If you wait until the time you're actually viewing homes to seek out a lender or perform the tasks above, it's possible it will be too late to perform those beneficial services. That will cost you in money, headache, and stress.
There's so much to be gained. Don't wait. Get started today. It's easy to do. Don't procrastinate ...
Reach out, ask your questions, call, email, or text. Just contact your lender now ...
Looking for mortgage financing answers, options, solutions, and experienced assistance? Contact me! I'll put my 40 years of Mortgage experience and expertise hard to work on your behalf.
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