FAQ: Should I Talk To A Lender First? Answer: Absolutely NOT!!
When I first read the title to this blog I was a little taken aback but then I read the whole thing. I actually read it a couple days ago and thought about it. Then yesterday I got a buyer call through Zillow. The woman was inquiring about one of my listings and hadn't been preapproved yet but she was already going to register for the counselling program for one of the down payment assistance programs. I suggested that she might want to get preapproved first and she said that someone had told her that she needed to take the program first. I asked her if the person was a real estate professional and she said no. I went through several scenarios with her as to why she needed to speak with a lender first, mainly because the programs are sometimes loan specific and you need to know which loan you're applying for so that you know which program applies.
In the end I was able to get her name, phone number, email address and sign her up on an automated search and referred her to one of my preferred lenders for consultation.
FAQ: Should I Talk To A Lender First? Answer: Absolutely NOT!!
If you’re truly dreaming of owning your own home, dream often and dream BIG! Talking to a lender will do one thing and one thing only – squash your dreams! Here’s some advice: First, set up an account at Pinterest, then visit HGTV.com, Google Images, or download the Houzz app for iPad. Visit
sites that show outrageous homes for sale and look for the things you love most about dreamy houses and then start pinning like mad. Luxurious bathrooms? Magnificent closets? Clever kitchens and genius storage solutions?
Will your bedroom need to be big enough for a sleigh bed or bunk beds? What are the ideal dimensions of that room? Do you have a vision of what your dream garage looks like? How about sunlight? Moonlight? Basements finished or empty caverns? Do you want your home to face east or west? North or south? Does gardening appeal to you or do you like watching other people take care of grass and plants and shrubs and flowers? Are you a Victorian or a Bungalow? Loft or Townhome? Stucco and stone or brick and siding?
The best thing about dreaming is that your dreams don’t have to be cluttered by external filters like affordability, practicality, and sensibility. Dreaming and collecting images of favorite homes and interiors may help reveal key elements of a home that are important to you. Enjoy the dream stage of the home buying process – just make sure you’re purposeful about it.
You’re not likely to afford much of what you see – but there are key components of what you like that may be scalable to fit just about any budget. Give yourself a fixed amount of time to dream and then
examine the boards you’ve created and pinned images to. Create a board of “Must Haves”. Share it with your partner to see what his or her dream home boards contain and create a shared board that include elements you both like.
Many times, a buyer has done the ‘responsible thing’ and spoken to a lender first to determine the actual dollar amount they can spend – but haven’t spent any time really dreaming about what they want in a home. Believe me, the process of discovery can be difficult and filled with heartbreak if appropriate and purposeful dreaming hasn’t been explored first! Once you’ve completed the dreaming phase and are ready to buy a home, then yes, talk to a lender to get a realistic idea of the price point you qualify for. It may be a bit of a buzz-kill but with all the dreaming research completed and with the consultative skills of a local real estate inventory professional, you can start shaping your dream into reality.
Comments(1)