First-time buyers often find the prospect of applying and qualifying for a home loan to be daunting — often to the point of putting off purchasing a home.
Many potential buyers fall victim to deceptive advertising practices, believing they could avoid the reality of the mortgage application process by using technology that sounds a little too good to be true.
Before you fall into this common trap and potentially find yourself in a sticky situation, consider our commonsense advice for approaching the home loan process.
Why Getting a Home Loan May Be Daunting to First-Time Buyers
If you have talked to a home loan pro or done your research online, you may have seen an intimidating list of documents you must provide to qualify for a mortgage. This commonly includes months of bank statements and pay stubs, years of tax returns and filling out all kinds of forms.
Understandably, this may have put you off the process altogether. But as you come to realize and appreciate the many benefits of home ownership, you may start to look for an easier way.
Avoid These First-Time Buyer Home Loan Pitfalls
Many first-time buyers prefer to leverage digital technology for their daily financial and banking activities.
For this reason, some of the online mortgage options you’ve seen advertised may seem attractive. Just enter some basic info into an app, tap a button and voila, dozens of attractive offers for mortgages appear before your eyes.
Unfortunately, reality doesn’t work quite like these commercials. The “offers” you may perceive as legitimate commitments to give you a home loan are often little more than theoretical scenarios designed to tempt you.
To obtain a mortgage, every prospective homeowner — including first-time buyers — must provide the same types of information. Don’t be tricked into giving up your precious personal information, because you could damage your credit and that will affect your ability to borrow. You could also become a victim of identity theft if you don’t carefully guard your personal data.
Finding a Mortgage Loan Expert to Assist You
Although it may seem counter to your independent nature, finding a single point of contact for your mortgage is the best way to protect your financial health and ensure you get the best deal possible for your home loan.
Talking to a mortgage loan expert also means you can get away with providing your information just once, rather than to multiple companies. A mortgage broker represents dozens of lenders, including some or all the companies you may have encountered on an app.
This means you will have the option to shop around for the loan program that best suits your needs, rather than getting stuck with a loan that doesn’t fit well with your goals for home ownership.
Intercap Lending has assembled a collection of first-time buyer resources, designed to help simplify the home loan process and answer all your questions. In addition, our experienced mortgage professionals understand that many potential buyers prefer to communicate by email or text, rather than through meetings and phone calls. We have adopted a flexible approach to helping our clients and we will work with you in whatever way is best for your preference and lifestyle.
If you are considering buying your first Utah home, contact our Orem office today to learn more about how we can streamline the home loan process for first-time buyers.