10 Reasons to Work With a Home Loan Specialist

Whenever I work with new clients who is looking to buy a home I always ask how they plan on paying for their new home and most of the time they’re not sure. They haven’t talked to a lender or bank and they’re not sure how to go about it. They just know they need to do so.

As a helpful, experienced realtor I give my clients answers and options to move in the right direction, including connecting them with a great lender. I recently spoke to Melissa Jones, a trusted lender I have worked with multiple times, and she gave me a list of reasons why home buyers should talk to a lender early in their home buying process. Here are 10 important reasons to work with a mortgage lender….

1. Educational Insight. Speaking to a mortgage lender early provides an opportunity to learn about the various mortgage options, interest rates, down payment requirements, and other financial aspects involved in buying a home. This knowledge can empower you to make informed decisions when the time comes.

2. Financial Planning. Consulting a mortgage lender before you're ready to buy allows you to assess your current financial situation and receive guidance on steps you can take to improve your credit score, reduce debt, or save for a down payment. This proactive approach can help you better prepare for homeownership in the future.

 3. Long-Term Strategy. Engaging with a mortgage lender early helps you create a long-term financial strategy. They can help you set achievable goals, such as a timeline for purchasing a home, and provide advice on how to align your financial habits with those goals.

 4. Budgeting and Affordability. By discussing your financial situation with a mortgage lender, you can get a clear picture of how much house you can afford. This prevents you from overestimating or underestimating your budget, helping you set realistic expectations and avoid disappointment later.

 5. Market Awareness. Mortgage lenders often have insights into the local real estate market trends. Conversations with them can provide valuable information on price fluctuations, housing inventory, and potential neighborhoods that align with your future homeownership goals.

 6. Pre-Qualification Process. Talking to a mortgage lender early allows you to go through a pre-qualification process, which gives you an estimate of how much you could potentially borrow. This information can guide your property search and streamline the buying process when you're ready.

 7. Relationship Building. Establishing a relationship with a mortgage lender in advance creates a foundation of trust and familiarity. When you're ready to buy, you'll have a professional ally who already understands your financial situation and aspirations.

 8. Anticipating Costs. A mortgage lender can help you anticipate the additional costs associated with homeownership, such as property taxes, homeowners insurance, maintenance, and utilities. This insight helps you plan for a comprehensive budget.

 9. Access to Resources. Mortgage lenders often have access to valuable resources, including educational materials, tools, and workshops that can further enhance your understanding of the home-buying process and financial management.

 10. Peace of Mind. with a mortgage lender early can provide peace of mind, knowing that you're taking proactive steps towards homeownership. You'll feel more confident and prepared when the time comes to make one of the most significant financial decisions of your life.

If you have questions about lending and financing your next real estate purchase, contact Melissa directly. You can find her contact information on the ‘Home Services’ page of my website, or contact me directly to answer any of your questions.

Melissa Jones is a loan officer with First Colony Mortgage and has been a lending specialist for more than 15 years. She contributes current financing information to this and other sources. Read more about her on the “Lenders” page in this website.