Serious Home Buyer?
Minneapolis, MN: As a professional licensed Loan Officer, I encounter people everyday that say they want to purchase a home. But when it comes down to it, they may not be ready for that responsibility of a home, or they are can not get pre-approved for a home loan.
In our society, it seems everyone wants everything now. Learning that it may take a little time and some effort on the buyers part frustrates many of them them. Being told “no” simply doesn’t register. It amazes me the number of people who apply with me, and when I look at their credit report, I see that they’ve applied with 9 other lenders. Face it, it you’ve been told no 9 times, the 10th time is going to be a no too. Stop wasting my time.
When I deny applicants, we always tell them, “you don’t qualify right now, but if you do these certain steps you will be able to purchase a home in the future.”
Don’t take your frustration out on the messenger. We want to approve you, but if you are not ready today – you are not ready. We will let you know that you need to alter to get an approval in the future. Maybe pay off some debt, improve your credit score, or come up with more down payment money. Sometimes this may mean you don’t get the latest iPhone, or you keep your older car while you pay down your debt.
Maybe you have had some trouble paying your bills on time in the past and have poor credit. I’m amazed at those who want, but don’t even come close to proving to a mortgage company that you are ready. In today’s world, easy options, and loans for everyone don’t exist. You have to prove to lenders you are ready. This means on time payments, a good credit scores, prove your income, and have some skin in the game (down payment).