Top Mistake People Make When Applying for a Mortgage | Home Loan Application Mistakes

Top Mistake People Make When Applying for a Mortgage | Home Loan Application Mistakes

How's it going everyone? Matt Leighton, welcome back to another video. In this episode, we are talking mortgages,
lending. I'm here with Rich Conlon from Atlantic Coast
Mortgage. Say what's up Rich. Hi, Rich Conlon, Atlantic Coast Mortgage. Loan Officer. Born and raised in Vienna, Virginia. Love the area. Still live in the area. Just here to help out with my man Matt and
help answer any questions. Awesome, whenever someone has a mortgage question
further than "What is the rate?", I just tell them to talk to Rich. I know a little bit about mortgages…but
today we're talking about the top mistake people are making when they're applying for
a loan. You see all these loan commercials. It's funny, when we get the primer, one-sheeters
on the list of things NOT to do.

One of them is like, "Don't go and buy a boat". Don't buy a new car. I'm thinking to myself, nobody in the history
of loans has ever gone under contract and then bought a boat the day after. I'm sure it has happened. But it obviously is not the number one mistake
people are making when they're trying to buy a home. That's where Rich comes in. Rich, you're on the spot here. What is the number one thing people are doing,
that they shouldn't be doing when they're applying for a loan with you guys? It's simple, it's before you even get to contract. It's just waiting until the last minute to
get pre-approved.

We understand circumstances sometimes that's
just how it is. The big thing is, after meeting your agent,
talking about price ranges and goals, the next step, it can't hurt to just reach out
to a lender or two or three and start identifying what you can actually qualify for. That's the best thing. The earlier the better. Main reason is that it allows time to find
any potential pitfalls that can come back in the underwriting process a week before
closing. Last minute surprises are the worst. Nobody wants that. Getting pre-approved early is always better. It allows time to figure out if there are
any extra hoops to jump through. That just gives you better piece of mind. When you're out with your agent. Definitively what you can and can't qualify
for. In addition, we always like to provide you
with estimates on homes that you're going to go see so when you're looking at them,
the wheels are turning.

What are my payments going to be like? There's a ton of benefits to getting preapproved
early, rather than waiting for the last minute. And it is beneficial from the very beginning
all the way to settlement. It will make your transaction much more transparent,
seamless, and less stressful. It takes a village. And it just helps when everything is lined
up. Yeah certainly execution is the number one
thing. You can look online at how to apply for a
mortgage, what pitfalls to avoid, how to do this, how to do that. At the end of the day, actually going out,
going on your lender's website and getting preapproved.

loan officer

You know when I'm working with buyers, I always
ask two very important questions. Number one: are you already working with a
real estate agent. Very important. I've not asked that in the past and it's come
back to bite me, believe it or not. Well, it's very easy to believe actually. And number two, are you pre-approved with
a local lender? If you are looking for homes and you are not
pre-qualified, you are not a serious buyer. You are wasting your time. You might say "well, I'll just get a letter
once I write a contract, it's fine". Well, my buyers already have that letter and
they will beat you to the punch and get their offer in before you. Nobody likes to get bad news. You don't want to waste your time falling
in love with something that you ultimately don't qualify for.

We find that our clients 99% of the time are
pre-approved early just makes your guy's time much more efficient and you know what you
can qualify for. All of your processes are so streamlined just
to a T that if you do them, you will get qualified, you will have your letter. The reason you screw up is you go off astray,
you don't return calls, you don't return emails. We're a referral-based company so communication
is key. Delivery, setting expectations and obviosuly
meeting those expectations.

Pre-approvals we can do in as little as 24-hours
and especially in this market. Spring time, summer time, that's what it takes. Speed kills. That's how we like to operate. And communicating to you and your agent so
we can all move quickly. Awesome, there you have it from Rich Conlon,
Atlantic Coast Mortgage here in Northern Virginia. If you have any questions about the top mistake
or any mortgage and lending related questions, I'll list Rich's information in the description
below. Thank you very much for watching. Until next time, create a productive day. Take care.

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