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Top Mistake People Make When Applying for a Mortgage | Home Loan Application Mistakes - YouTube
Channel: Matt Leighton
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How's it going everyone?
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Matt Leighton, welcome back to another video.
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In this episode, we are talking mortgages,
lending.
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I'm here with Rich Conlon from Atlantic Coast
Mortgage.
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Say what's up Rich.
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Hi, Rich Conlon, Atlantic Coast Mortgage.
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Loan Officer.
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Born and raised in Vienna, Virginia.
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Love the area.
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Still live in the area.
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Just here to help out with my man Matt and
help answer any questions.
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Awesome, whenever someone has a mortgage question
further than "What is the rate?", I just tell
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them to talk to Rich.
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I know a little bit about mortgages...but
today we're talking about the top mistake
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people are making when they're applying for
a loan.
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You see all these loan commercials.
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It's funny, when we get the primer, one-sheeters
on the list of things NOT to do.
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One of them is like, "Don't go and buy a boat".
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Don't buy a new car.
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I'm thinking to myself, nobody in the history
of loans has ever gone under contract and
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then bought a boat the day after.
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I'm sure it has happened.
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But it obviously is not the number one mistake
people are making when they're trying to buy
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a home.
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That's where Rich comes in.
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Rich, you're on the spot here.
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What is the number one thing people are doing,
that they shouldn't be doing when they're
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applying for a loan with you guys?
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It's simple, it's before you even get to contract.
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It's just waiting until the last minute to
get pre-approved.
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We understand circumstances sometimes that's
just how
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it is.
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The big thing is, after meeting your agent,
talking about price ranges and goals, the
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next step, it can't hurt to just reach out
to a lender or two or three and start identifying
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what you can actually qualify for.
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That's the best thing.
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The earlier the better.
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Main reason is that it allows time to find
any potential pitfalls that can come back
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in the underwriting process a week before
closing.
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Last minute surprises are the worst.
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Nobody wants that.
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Getting pre-approved early is always better.
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It allows time to figure out if there are
any extra hoops to jump through.
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That just gives you better piece of mind.
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When you're out with your agent.
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Definitively what you can and can't qualify
for.
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In addition, we always like to provide you
with estimates on homes that you're going
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to go see so when you're looking at them,
the wheels are turning.
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What are my payments going to be like?
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There's a ton of benefits to getting preapproved
early, rather than waiting for the last minute.
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And it is beneficial from the very beginning
all the way to settlement.
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It will make your transaction much more transparent,
seamless, and less stressful.
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It takes a village.
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And it just helps when everything is lined
up.
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Yeah certainly execution is the number one
thing.
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You can look online at how to apply for a
mortgage, what pitfalls to avoid, how to do
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this, how to do that.
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At the end of the day, actually going out,
going on your lender's website and getting
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preapproved.
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You know when I'm working with buyers, I always
ask two very important questions.
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Number one: are you already working with a
real estate agent.
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Very important.
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I've not asked that in the past and it's come
back to bite me, believe it or not.
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Well, it's very easy to believe actually.
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And number two, are you pre-approved with
a local lender?
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If you are looking for homes and you are not
pre-qualified, you are not a serious buyer.
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You are wasting your time.
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You might say "well, I'll just get a letter
once I write a contract, it's fine".
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Well, my buyers already have that letter and
they will beat you to the punch and get their
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offer in before you.
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Nobody likes to get bad news.
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You don't want to waste your time falling
in love with something that you ultimately
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don't qualify for.
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We find that our clients 99% of the time are
pre-approved early just makes your guy's time
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much more efficient and you know what you
can qualify for.
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All of your processes are so streamlined just
to a T that if you do them, you will get qualified,
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you will have your letter.
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The reason you screw up is you go off astray,
you don't return calls, you don't return emails.
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We're a referral-based company so communication
is key.
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Delivery, setting expectations and obviosuly
meeting those expectations.
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Pre-approvals we can do in as little as 24-hours
and especially in this market.
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Spring time, summer time, that's what it takes.
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Speed kills.
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That's how we like to operate.
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And communicating to you and your agent so
we can all move quickly.
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Awesome, there you have it from Rich Conlon,
Atlantic Coast Mortgage here in Northern Virginia.
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If you have any questions about the top mistake
or any mortgage and lending related questions,
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I'll list Rich's information in the description
below.
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Thank you very much for watching.
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Until next time, create a productive day.
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Take care
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