If you haven't yet applied for a mortgage loan, you probably think you have a really good reason for waiting. For example, perhaps you just think you will be rejected. Or maybe you think your credit score is too low. Or you could be scared of your own finances.
While you may be intimidated, applying for a mortgage is an important part of your home search. Realtors will give priority to those who have their finances in line, and not having a clear budget will only delay your home search.
These are three of the most common obstacles that people cite when they are asked why they haven't yet applied for a mortgage loan. In this post, we will take a look at each and outline strategies to overcome them.
Reason 1: Fear of rejection.
Right now, think back as far as you can to the very first time you ever felt a fear of rejection. What did you do in that situation? Did you go ahead and tackle the challenge anyway and triumph in success? Did you slink away with your tail between your legs while wondering "what if..."?
Fear of rejection can crop up in every area of life, from dating to job hunting to living life to your personal fullest ability.
This is the same for each person. It is such a deep, primal fear that perhaps it is even linked to our survival instinct - rejection on a pure survival level can mean the difference between death and life.
But knowing this also gives you the key to overcoming that fear. If the fear of rejection is common to every person, why not choose to be one of the ones who tackles that fear head-on, calls up that mortgage lender and starts the process of applying for a home loan? Who knows - you just might discover your courage pays off in the form of a brand new home!
Reason 2: Unremarkable or poor credit score.
Many people hold back from beginning the mortgage pre-approval and application process out of fear they will be told their credit score is not good enough.
The best way to fix this is to pull your credit report and get to work. Each discrepancy or dispute that you resolve will boost your credit score and get you closer to your goal of working with a mortgage lender to get a loan. It also is important to note that contrary to popular belief, you don't need a perfect credit score to get a mortgage. There are many loan options for a variety of credit situations, but you can only be sure of what you qualify for by speaking to a lender.
Reason 3: Scared of financial truth.
Experts today estimate that 80 percent of American adults are carrying debt, and this causes stress.
The truth of your personal finances won't change whether you choose to tackle them or not. But at least if you accept the challenge of reducing your expenses, paying down debt and making your spending work for your goals, you have a chance of making those big goals, like owning a home, come true.
Contact The Deibler Group for Help
The Deibler Group in Frederick, MD is here to help you realize your dream of owning your own home. We have the knowledge and expertise to guide you successfully through the mortgage pre-approval, application, and final approval process. Contact us today at 240-422-8536 or fill out our digital mortgage form today.