6- Online shopping
One of the most effective time-saving tactics is to shop for your mortgage online. It is no longer essential to see a lender in person or even speak with a loan representative over the phone. Almost everything you need to do to narrow down your list of potential lenders to 2-3 finalists is available online.
Typically, you may obtain all of the information you require to select a lender and even apply online without making a phone contact. Even if a lender does not have a physical presence in your state, it can nonetheless be licensed to do business there.
You may submit all of your documentation and inquiries electronically. The only time you need to go anywhere is for the closing, which can be conducted at a local title agency or attorney’s office.
7 – Get prequalification
Being pre-qualified is one of the most important things you can do to ensure a smooth homebuying and mortgage application process. Initially, it gives you a statement from a lender outlining how much money they’re willing to lend you and on what terms. This saves you time looking at properties you can’t afford.
Second, it sends your basic information to the lender, ensuring that they get the majority of the information they require prior to you submitting the actual application. Hence, if there are any gaps in your information, they can notify you right away. There may be a few details to iron out until you submit the actual application, but you’ll have the fundamentals covered.
8- Prevent “analysis paralysis.”
Some customers are so determined to find the best mortgage rate and terms that they may spend weeks researching lenders in order to save that final one-eighth of a percent or a couple of hundred dollars in fees. Mortgage rates, on the other hand, change all the time; the rate provided this morning may have changed by the afternoon.
While your extra efforts may have resulted in a lender charging a fraction of a percent less in fees or interest than the competition, market rates may have risen in the meanwhile, wiping out any savings you would have achieved. So don’t go crazy with comparison shopping.
Examine several lenders, narrow them down to two or three of the most promising, and then contact each to seek a breakdown of rates and costs for the loan you’ll be requesting. Send your requests to each on the same morning and afternoon, so they can all work off the same market rate.
Then you may compare their offerings, choose one, and lock in your rate. Mortgage shopping may be a stressful and time-consuming procedure. But, by focusing on a few key areas and not becoming overwhelmed by the options, you can make the process go much more smoothly.
