There’s a lot more to pay attention to than just the current interest rates when you apply for a mortgage. Know that you have more influence than you might think in regards to the type of mortgage you get and the terms you receive. Learn when it’s time to pounce on a mortgage and when you should bide your time.
The First of the Month
If it’s at all possible for you to wait until the first few days of the month before you apply for a mortgage, do so. The reason for this is lenders have had a chance to wrap up their end-of-the-month loan closures and are ready to jump back into the fray once more. This isn’t to say that you’ll get the brush off any other time of the month, simply that the first few days of the month are when lenders have a more open schedule, which works in your favor.
Doing Your Part
Now that you know when you should start submitting mortgage applications, it’s a good idea to know what you can do to boost your chances of acceptance for that first-of-the-month application. Call the lending office to find out which specific documents you’ll need to submit with your application. Begin gathering them a couple of weeks before you apply. Once you have all the requested documents and have completed the application, double check to ensure your application is complete. If this isn’t done at the time of applying, it may push back your timeline in buying a home.
It’s also best that you account for delays in the mortgage process. Regardless of who may have caused these delays, you will want to make sure you lock in a favorable rate, which requires good timing.
Even if you aren’t applying for a mortgage soon, that doesn’t mean you can’t do research now to see what you should expect during the process.