Staying Adaptable During Your Mortgage Experience (It’s Kinda IMPORTANT)
So, you’re finding out that home buying is a little different than you imagined, huh?
It’s okay. That’s why mortgage lenders and originators exist. *wink*
Being adaptable on your home buying journey includes being able to confront obstacles and hold-ups is crucial for getting a mortgage loan.
We don’t say this lightly: it is rare (like I-think-this-steak-just-mooed rare) that getting a mortgage goes without any backtracking, nothing needing to be cleared up, or re-verified.
That doesn’t mean the journey can’t be fairly smooth.
How you adapt makes all the difference.
In this post, we will go over some sneaky slip ups in the mortgage journey and different ways you can channel your inner chameleon and come through with flying colors to the other side. (See what we did there?)
Sneaky Roadblocks in the
Home buying Process
Not applying for the right loan for you in the beginning and realizing it later in the process
Getting too ambitious and trying to do everything at once to then get overwhelmed
Not being able to adapt to other persons in your home buying journey (sellers, inspectors, underwriters, etc.)
Expecting your real estate agents and lenders to do everything for you
Inability to take off Negative Nancy and/or Pessimist Percy glasses (Believe it or not, we’re on your side.)
Spoiler alert: all roads (and roadblocks) lead back to being adaptable!
Find the right loan
Do NOT go with the first thing you see or the first loan option you’re presented with.
Please, please, please.
Shiny object syndrome is real, even with mortgages.
Even with mortgage-adjacent policies like home insurance!
Do your homework. Look around and find the options that work best for you.
And maybe that first option IS the best one for you. You won't know until you compare it with something else. Sometimes this looks like multiple options from one provider. Sometimes this looks like comparing options from different providers.
Forget taking on everything
at once
Is there a lot to do when it comes to buying a home and applying for a mortgage loan. Abso-tuta-lutely.
Buying a home is a marathon — not a sprint. The key to getting it done is to do it in chunks.
You don’t have to do everything in one fell swoop, but everything has to be done.
A great way to combat that overwhelm is to think “baby steps.”
Instead of your to-do list looking like this:
Buy a house
Separate the different tasks you have into manageable subgroups:
Research and preparation
Pre approval
Find a house
Make an offer
Loan application, etc.
A good mortgage lender can be your Quarter Back in the process – they help call the plays and move the ball (aka: your mortgage) down the field to the closing table.
But you have to catch the passes and run the ball.
Feed your inner chameleon
A wise lady once told her grandchild who was learning to drive, “You have to be watchful of other drivers because most aren’t going to be watchful of you.”
She really could change the word “drivers” to people, couldn’t she? That applies to lots of areas in life. Including the mortgage journey.
Be ready to adapt to everyone else. Other passengers on this journey won’t adapt to you.
The sellers? Negotiations are a much smaller picture than you might expect.
The underwriters? Definitely not! They want what they want and we have to provide it. It’s their way or the highway.
Your budget? Technically not a person, but aligning your expectations with your budget often requires some adaptability.
Flush unreasonable expectations down the toilet
Real estate agents are pretty much rockstars. (Right? Doesn’t everyone think that?)
However, they simply are not responsible for every little thing that has to be done when buying and financing a home.
We know how this happens — agents are trained to do everything in their power to help homebuyers become homeowners.
This is generally to cover the gaps by having less-than-awesome professionals on your team.
A good real estate agent and mortgage lender relationship looks like great communication, mutual respect, and genuine commitment in serving the homebuyer’s best interest.
Agents get to do the fun and exciting stuff like look at houses — but that doesn’t mean they have all the answers.
A good licensed mortgage lender guides you to assess your budget, helps you find the right loan options for you, helps you complete the mortgage application process, and guides you on what documentation you need to submit. (Honestly all of that’s the tip of the iceberg.)
You’re an integral part of this process. So don’t rely on your agent to do everything for you.
Find the silver lining
The system is not against you.
We’re definitely not against you.
Home buying has definitely changed in recent years but everything else has, too.
Your attitude and willingness to adapt can make or break your overall experience.
Stay positive through it all!
It’s more likely that a few bumps or surprises will come up along the way (welcome life to the mix), but keep an open mind and know we’re by your side to help take on any obstacles.
Conclusion
Okay — quick recap for how to overcome these challenges.
>>You need a loan tailored (aka adapted) to your specific needs. Start with our survey.
>>Trying to get everything done all at once leads to chaos and less chance of being flexible. Do everything in chunks.
How do you eat an elephant? One bite at a time.
>>Bumps in the road are common for the mortgage journey and you have to keep an open mind when interacting with everyone involved.
Plus, it honestly makes you look awesome.
>>Agents and lenders are there to guide you. It’s your job to trust them when they tell you which way to bend (or, again, adapt.)
If you’re “set in your ways” and unwilling to accept that the homebuying process is tedious and you may have to back track at some point, you won’t have a very pleasant experience.
That’s the LAST thing we want.
Our priority for you is to have the breeziest mortgage journey possible and educate you along the way.