As a result of the influx of homebuyers in the real estate market this year, mortgage applications are skyrocketing! It first begins with preparing your credit, getting pre-approved and after finding a home on which to put an offer, securing a mortgage.
However, homebuyers in Chetek or Cameron WI are not guaranteed an ace mortgage when they apply. There are several factors that can slow down the approval process and avoiding them will get you one step closer to owning your dream home in Northwestern Wisconsin.
Don’t leave out financial details
When you meet with your lender, it’s important that they are filled in on every aspect of your financial situation. If you don’t input every detail on the forms, it can put a hitch in the application process.
Don’t lose any paperwork
Applying for a mortgage will require Chetek homebuyers to provide various documents, including pay stubs, tax records, bank statements and home insurance quotes. There is rarely any wiggle room on these documents and you will be asked to provide each one. The lender will also run your credit report— if any new information shows up, you will be asked to explain that as well.
Don’t confuse pre-approval with approval
Getting pre-approved with a lender does not, by any means, state that you’ve been approved for a mortgage. This simply means you’ve met with a lender and your financial profile looks favorable. You’ll need to get approved by an underwriter before you write any home offer.
Don’t overlook mortgage rates
An accepted offer on a home in Chetek Wisconsin puts you in contract and available to lock in a mortgage rate. Get quotes from various lenders based on your closing timeline, but keep in mind that if rates rise and you’re barely qualifying, this could cause your real estate deal to fall through. Ask your lender about this scenario to ensure this does not happen.
Securing a mortgage is key to becoming a homeowner in Northwestern Wisconsin. As your experienced real estate agents, Six Lakes Realty can provide recommendations for area professionals to get the process started. Give us a call today!
Six Lakes Realty
Office: (715) 924-4806