Is There Such Thing as an Ideal Mortgage Customer?

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Kill the ideal customer notion

You might say an ideal customer is one who has an 800-credit score, can write a check for 20% of the home price, and is an expert on the mortgage lending process. Unfortunately, not many buyers meet these qualifications so let’s scrap the “ideal customer” notion. Every buyer scenario is unique and trained loan originators are prepared to handle any potential challenges. If you’re looking to purchase a home, here are some ways to better prepare you for the loan process.

Be willing to learn
When you’re ill, WebMD.com can give you an idea of a potential illness from your symptoms but for an actual diagnosis, you need to see a doctor. The same goes for mortgage lending. It’s good to know the basics but you need an expert to help you hash out the specifics. Be willing to learn and open to listening. Ask questions if you feel you’re receiving conflicting information to gain clarification.

Be upfront about your personal info
Personal finances and credit history are extremely important and are two factors that help determine loan approval and mortgage rates. By being upfront, your loan originator can give you honest and sound advice, and help you make the right decision for your family. If by some chance, it’s not the right time for you to purchase a home loan, an originator can create a plan to help you meet your goals.

Be realistic about what you can afford
Ever heard the saying “Champagne Dreams with Beer Money?” Well, many buyers fall in love with homes they can’t afford, which leaves them dissatisfied with what they can afford. This is why it’s important to get pre-approved­­–so you can be reasonable and stay on track. Save yourself the heartache.

Be ready
Buying a home is a process that requires commitment. Be ready to answer questions, phone calls, produce documents, and more. If you’re serious about buying a home, you will do what’s necessary in a timely manner to ensure a smooth process.

“An ideal mortgage customer is essentially anyone looking to purchase a home,” said Kurt Cymerint, founder of AdvantageFirst Lending. “If a buyer is determined then we will make it happen.”

Have questions? Give us a call at 949-356-6400.

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