Is There a Best Time to Get Qualified for a Mortgage?

If you have been thinking about buying a home for the first time, relocating to a new house, or refinancing your current place, there are probably a lot of questions coming up.  One of them could be whether there is a better time of the year, or month, to tackle this project.  Actually, there are some times that are more advantageous than others.

There are some valid reasons why Spring is a good time for house shopping.  Very often, financial institutions will offer incentives for home loans.  It is still early in the year, and in order to stimulate the economy and local business, there may be some better loan rates available than at other times of the year.  For tax purposes, many companies and people purchase real estate just before the end of the year and right after the new year begins.  Spring is when things begin to settle down, and it is nice to have an influx of new loans.

Likewise, applying and settling loan details is better at the beginning of a month than toward the end.  It is often a rushed time during the last few days of any given month to complete transactions.  Dealing with your application and processing during the early part of the month means you will get more individual attention instead of being shuffled to a later time because other deadlines are pending.

Institute a Rate Hold

One of the best ideas is to get qualified and institute a rate hold.  That means you are locked into a good interest rate for 120 days.  If the interest rates start to increase, you are protected with a locked-in amount.

For other tips, contact  Our friendly representatives are ready with answers to your questions to help you secure the loan you need.