What to Say When You Contact a Lender…

What to Say When You Contact a Lender…

What to Say When You First Contact a Lender
How to Get the Best Mortgage Series

When contacting a lender, the key question isn’t “How much can I be approved for?” Instead, you should focus on finding the right mortgage that fits your budget. Here’s what to ask and why it matters:

Shop Around
Talk to at least two or three lenders. While online research is helpful, speaking with lenders directly will give you a clearer picture of your options. Feel free to reach out to me for recommendations on where to start.

Come Prepared
You’ll need to gather pay stubs, bank statements, W-2s, tax returns, and details on loans. But just as important as what documents you bring is what you say.

Focus on Monthly Payments
Instead of asking for a maximum pre-approval amount, tell your lender what monthly payment fits your budget. Many buyers are approved for more than they want to spend, so avoid being stretched too thin by focusing on the monthly costs, including taxes, insurance, and maintenance.

Work Backward
Have your lender calculate a home price based on your ideal monthly payment. This ensures you’re staying within your budget.

Why Price Alone Isn’t Enough
Two homes with the same purchase price can have very different monthly costs due to things like HOA fees or property taxes. In the Cypress area, property taxes vary greatly from community to community. In order to get the best fit for your situation, focus on monthly payments to better see the full financial picture.

Remember, the goal is to get a mortgage that works for your situation. I’m here to help guide you and offer personalized advice. Next week, we’ll cover down payments—stay tuned!