Lenders are often the deciding factor in whether or not you’re able to successfully buy a home. And because they can (and sometimes do) reject mortgage applications, they’re often painted as the “bad guys” in the homebuying process. But lenders can actually be a huge help when it comes to navigating the homebuying process.
So how, exactly, can your lender help? A recent article from realtor.com outlined the different ways lenders can help you buy a home, including:
- Lenders can get you pre-approved… If you’re planning to buy a home, getting pre-approved for a loan before you start looking (generally about a month or two in advance) can make the process much easier. And who’s offering that pre-approval? Your lender. The lender will check your financial history to determine your mortgage eligibility, and give you a pre-approval letter which will show sellers that you’re able to access the funds you need to successfully buy your home.
- …or help if you get rejected. And if you don’t get pre-approved from the get-go, don’t worry. Your lender can give you insights into the steps you’ll need to take to get approved on your next attempt.
- Lenders can help out-of-the-box buyers. If you’re a non-traditional buyer — for example, you’re self-employed or work on a freelance basis — it can be harder to get a loan. But when you build a relationship with a lender, either on the phone or in-person, they can help walk you through the process, and help you get the funds you need to buy your property.