Why You Should Talk With A Knoxville Loan Officer Now
Most first-time buyers don’t think about talking with a loan officer until they’re ready to buy a home.
Unfortunately, for many first-time buyers, this can be a huge mistake..
So, why should you talk with a loan officer now? In this post, we’ll go over why you should talk with a loan officer long before you start your home buying journey.
Knowing Is Better Than Wondering
First-time buyers often wait to talk with a loan officer until they’re ready to buy a home. This can be a crucial mistake for many buyers. After talking with a loan officer, some first-time buyers find that they need to do a bit of work before they’re able to buy a home.
This is why it can be so important to talk with a loan officer before you even consider buying a home. If you do have some work you need to do, you’ll know and have enough time to do what needs to be done in order to buy a home.
There are many times where buyers have their heart set on buying a home and are brokenhearted when they find out they can’t. Talking with a loan officer early on is the best way to set yourself up for success.
The Answer You Get May Surprise You
Oftentimes, first-time buyers are leery of talking with a loan officer until they are absolutely ready, due to the fact that they don’t want to put in the work or that they’re not sure what answer they’ll get from the loan officer.
Fortunately, when you’re proactive and talk with a loan officer early on, you may find out that you’re able to buy a home sooner than you think.
You may be surprised to learn that you’re able to buy a home right now. If you’re sick of throwing rent away, you may be motivated to buy a home right now. Instead of paying rent for another year or two, you’d be putting that money towards a home. You may also be worried about interest rates rising at that time and that could save you a lot in interest as well.
The Hard Work Will Be Over With
Finally, talking with a loan officer will allow you to get some of the hard work over with. Securing a pre-approval letter before you think about buying a home will make the process easier when you do decide to buy.
When you get pre-approved, you will provide documentation about your finances and income. You’ll provide documentation such as bank statements, tax returns, and paychecks. You’ll also have your credit pulled. While this may take some effort, a lot of the hard work will be done when you are ready to buy. You’ll also have an understanding of what you can afford.
A pre-approval letter is good for ninety days. Once you’ve established a relationship with a loan officer, it’ll be easy to update a pre-approval if you decide to buy after that point.
Buying your first Knoxville home is an exciting and overwhelming experience. If you’re like most first-time buyers, you may not be sure where to start. If there is anything we can do to help you in your home search, please do not hesitate to contact us.
We’ve helped countless homeowners buy their first home and we’d love to do the same for you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.Com.