6 Home Buying Memes That Perfectly Sum Up The Home Loan Process

Humor can be a great teacher; here’s what six home buying memes can teach about the mortgage process.

Remember to first be pre-koalified

Without calling your mortgage lender and completing the pre-qualification process, it’s difficult to accurately assess what your maximum loan value is. Real estate agents can also deny you for showing a house until you are pre-qualified so they are only working with serious buyers. To get pre-qualified, call you lender and they will have you fill out an application that lists current/previous employment, debt to income ratio, tax returns, and more for the people who will be listed on the loan. Once pre-approved, you can advance your home search with an accurate and realistic price point.

Lloyd your credit score is 470… So you’re telling me there’s a chance?

home buying memes - lloyd telling me theres a chance

With a 470 credit score, it may not be able to qualify for a home loan by yourself. That being said, if your credit score in 580, you may actually qualify for a FHA loan. Consult your mortgage lender, and they can help you through credit repair which will help lift your credit score in a timely fashion.

And you changed jobs the week before your loan closed?

home buying memes - changed job week before closing

Once you begin the mortgage process, usually it’s best if you do not make any large purchases until you have the keys to your new home. Buying a car or expensive appliances before your close date can delay or even cancel your mortgage as the underwriter will have more questions about the movement of money.

It’s also tough to close on time if you change jobs before your close on your home loan. It requires additional paperwork and letters from your old and new employer which could and likely would extend your close date far out. A good rule of thumb is to ask your mortgage lender about any large purchases before closing on your home and they can lead you in the right direction.

Don’t wait for “perfection”

As the saying goes “the perfect time to buy a house is always five years ago.” If you are serious about wanting to make a large long-term investment, consult a mortgage lender and they can help you create the path so you are able to qualify for a mortgage.

If your credit needs improvement before buying a home, a mortgage lender can lead you through credit repair which is the fastest and most efficient way to improve your credit. They will also build a relationship with you which will help you feel confident in confiding in them your biggest concerns with buying a home at the moment. Think you’re too young to get a mortgage?

When clients do the exact opposite of what their lender tells them

An estimated close date is dependent on the client submitting paperwork in a timely fashion, answering calls and calling the lender back right away, and abiding by rules such as don’t buy large purchases before closing day. If a client is slow to respond to emails and phone calls and does not provide the correct paperwork, the closing date could be pushed out, and that could affect where the buyer is currently living. As long as clients follow the path their mortgage lender lays out, the process will flow much smoother and the likelihood of an early or accurate closing date is much higher.

Whether getting a haircut, selling or buying a home, always hire a professional!

Buying a home is a huge decision and can cause a lot of stress if you’re not sure of the steps to take at certain times of the process.

Do some research on a mortgage lender that develops a strong relationship with you, offers competitive mortgage rates, and has your back through the home buying process. Having a professional lender lead you through the process, will help alleviate stress that could overwhelm you if you didn’t decide to work with a professional lender.