Answer – be it by Delorean, hot tub, or phone booth – get a time machine and call a lender last week. If you do not have a time machine, WELL FINE THEN, just do it today.
Lending is lots of things, but I’ll break it down to just two:
Lending is complicated.
Lending is easy.
First time buyers will often procrastinate calling a lender like I procrastinate jogging. I don’t know if it’s because they are worried that it’s complicated, or fear they will get bad news, or that it’s daunting to fathom a bank would be willing to lend them half a million dollars – or something else or all of the above. Probably all of the above.
Don’t be like that – I’m here to tell you that lending is at its absolute worst – tedious, but it is not difficult. It is in fact – easy. It’s easy because your lender does the complicated stuff. Your lender will ask you to provide documentation of your income, but don’t for a moment let yourself get stressed out about this – it’s not hard to do! Even if you don’t have paystubs laying around – your employer(s) do, you have IRS returns, you have auto-pay, online bank statements, etc.. In most cases – you’ll be able to fill your lender’s requests for information from your computer.
If the property you fall in love with comes on the market today and you want a real shot at it, you need to have a letter from a lender. It’s never too early to start that process. Even if you know your credit score is low, or that you have a bankruptcy or short sale on record – get in touch with a lender and find out how those landscapes and rules are changing – because they are… and a lender can help navigate you out of tough situations.
Calling a lender won’t cost you money and it won’t put you into an agreement with them.
Remember – the wrong time to get in touch with a lender is tomorrow. Nothing to fear… if you may buy in the next year or two – call one today and if you need a recommendation or two, let me know!