I will be the first to admit that the first time for everything can be a little scary. The first day of school, first time asking someone out, first attempt at my drivers license. Even more so, my first home. Ironically enough the cost of the home, along with the amount of shovelling I had to do in the winter when you own a corner lot, were the least of my concerns when that time had come. The largest source of my anxiety was actually getting the pre-approval itself.
The thought of having to turn over potential years of financial information, along with having an honest conversation about the state of my financial affairs wasn't just nerve racking..it was a little embarrassing. Not that I had anything to fear, but I was still in the process of paying off a credit card and the monthly payments had been dragging on for a couple months longer than I had originally anticipated. Combine that with car payments and honestly, I almost felt that I didn’t deserve or maybe I wasn’t “adult” enough to own my own home.
As a Realtor, watching clients going through this and actually knowing good mortgage specialists, I can say now that I had nothing to fear. What I didn't realize at the time, is that the mortgage broker (or even mortgage advisor with your lender) really wants you to get approved and are trying everything they can to ensure you get your pre approval. It is what they do for a living. They are on your team! Also, they have probably seen files much more complex than yours.
What if I don't get qualified?
This can be a disappointment, I understand. This is why I recommend getting pre-qualified. There is nothing worse than falling in love with a property, starting to make plans and not getting the final approval for a mortgage. While it may be difficult to see the light at the end of the tunnel, I often recommend clients (even with shaky financing situations) to speak with a qualified mortgage specialist or broker to help them to get on the right track. Good mortgage specialists won’t just say “no”, good ones will tell you “maybe not now, but this is a plan to get you to where you want be as soon as possible”. I can't tell you how many folks have been able to get themselves in a position to buy and have found their new home after 6-12 months with the right guidance and support.
The moral of the story is, the nerves will always be there even though they aren’t justified. Get pre-qualified.
If you want or need a few lenders to contact that have done a great job for my clients in the past, please reach out and I will gladly pass their contact info on to you.