ASAP. Seriously. An initial conversation with a lender is free, relatively quick, and doesn’t obligate you to anything. It’s the fastest and most accurate way to get an initial understanding of your buying power, and what challenges you might face, so we can handle them proactively.

If you’re ready sooner than later, great! If there are a few things you need to do to get you in the best possible shape, having these conversations sooner than later is SO helpful. It takes time to pay off things, get your credit score up a few points, or save up a little more.

It’s normal to feel hesitant, but hear us out.

We’ve worked with lots of buyers who thought they had good credit and weren’t worried about lending. But lending can be complicated, and these regulations change often. So even if you have amazing credit and income, there are often some challenges and weird things that can pop up during the lending process. It’s super helpful to just have the conversation.

If you’re an ‘easy’ borrower (regular, W-2 income, little/no debt, want to spend way less than you’re qualified for, are putting 20%+ down, have excellent credit, etc.), that is fantastic! It will be a short easy call with a lender, and the process should be a breeze. You’ll just get a free update on your credit report, and you’ll learn some things about the process and current interest rates.

But most borrowers are like us and have some of these normal life things:

• You make most of your income from bonuses or commissions, or you own your own business.

• You have multiple income streams.

• You own other real estate.

• You have a small charge on a rarely used credit card that you forgot about, and it’s dropping your credit score.

• You have debt of any kind, including credit cards or student loans.

• Things like this could complicate lending, and it’s good to make sure you get out in front of them to make sure you’re in the best position to buy when you’re ready.

Call one or more lenders and have a quick chat. Expect to discuss your income, what you’d like to buy, and give them permission to pull your credit.

It’s good to ask how much you qualify for and what your expected monthly payments will look like.

And that’s it! We don’t need an official pre-qualification letter yet. It’s awesome to feel comfortable that you know how much you want to spend, are comfortable with the down payments, and know you’ll qualify for the right loan.

Then, we can really have good conversations about what your options are. Otherwise, we’re just guessing. And it really stinks to fall in love with a house, only to find out it’s not possible for you to buy it.

Getting the right loan is a crucial step so we can get you the right home. We work closely with some great lenders. Many of my clients have used them in the past and have been happy.

We work closely with some great lenders. Many of my clients have used these lenders in the past and have been happy. We have additional suggestions based on your unique situation, so please keep in touch with us, and we’ll point you in the right direction.

• Liz Rich, NMLS#1983319

• Mortgage Loan Originator | EDGE Home Finance

• 512.608.8753

• Liz@LendingbyLiz.com

• Alejandro Juarez, Branch Mgr., NMLS: #1540814

• Juarez Group, Loan People

•512.897.4638

• Alejandro.Juarez@LoanPeople.com

• JuarezGroup@LoanPeople.com

• www.TheJuarezGroup.com

• Eric Bernstein, Branch Manager, NMLS# 1486987

• LendFriend Home Loans

• 512.701.1819

• eric@teamlendfriend.com

• www.teamlendfriend.com

• Chaz Chase, NMLS# 1879039

• 254.424.5800

• cchase@guildmortgage.net

• Jon Andreoni, Branch Manager, NMLS# 794219

• Lend Friend Home Loans

• 512.877.8339

• Jon@lendfriendhomeloans.com

If you need a land loan, construction loan, or a hard money loan, let us know and we’ll pass along some good options.

We recommend talking to one more to make sure they’re the best fit and that you’re getting the best deal.

Don’t forget the Buyer Ten Commandments. These ten things are common reasons buyers find themselves unqualified for a loan, and thus unable to purchase a home. Before making any big purchases, changing jobs, or transferring large sums of money into or out of accounts, run it by your lender just to make sure it won’t cause any issues.

Here are ten mistakes you must avoid if you’d like to get keys to your new home! In short, don’t change jobs or make any large financial decisions without first consulting your lender!

• Thou shalt not change jobs, become self-employed or quit your job

• Thou shalt not buy a car, truck or van (or you may be living in it)

• Thou shalt not use charge cards excessively or let your accounts fall behind

• Thou shalt not spend money you have set aside for closing

• Thou shalt not omit debts or liabilities from your loan application

• Thou shalt not buy furniture

• Thou shalt not originate any inquiries into your credit

• Thou shalt not make large deposits without first checking with your loan officer

• Thou shalt not change bank accounts

• Thou shalt not co-sign a loan for anyone