It’s one of the first questions a real estate agent will ask during your initial meeting:
“Have you talked to a lender?”
And it’s not because we’re nosy. We ask the question because there are so many variables involved in the
I’ve been working with a few friends and referrals recently that highlight why talking to a lender is the first thing you should do. Credit history can greatly impact your ability to borrow, as these clients’ scenarios illustrate.
Need to improve credit score
A stay-at-home mom living in Northern Wisconsin contacted me a few months ago. Her goal is to move with her family to St. Paul, to expand job prospects for her husband. This young family is living in a duplex they own, with one side rented out and managed by a property management company. Due to job loss a few years ago, the couple almost went into foreclosure, but were able to get back on track. We found an agent in her area to talk to about selling her home, and I suggested she talk with Leslie Vanderwerf of American Mortgage and Equity Consultantsto find out where she and her husband stood financially. After gathering the information, Leslie advised the family wait a while longer, to improve their credit score and payment history.
Need to get a credit score
Last spring, Sharlene and I met with a soon-to-be married couple who wanted to purchase a home in Northeast Minneapolis. As many people do, the couple had determined what they were comfortable paying every month, then extrapolated a price range for a house they felt they could afford. After submitting their information and meeting with a lender, the couple learned that they didn’t have enough credit to qualify for a loan, and would need to take steps to build a credit history—buying a car with a loan, and using credit cards more frequently.
When looking for a lender to work with, ask your agent or friends/ family members for a recommendation—at HomesMSP, we have a handful of lending pros we refer our clients to who have a proven history of educating homebuyers, giving amazing service, who are responsive and communicate with clients throughout the process.
If you’re thinking about buying a home, but are not sure where to start, contact us today to get started. We’re happy to get you started on your way to homeownership, even if—especially if you answer no when we inquire if you’ve spoken with a lender!
Angela Anderson, Realtor, Results Support Services: EMAIL — BIO
Licensed Associate Working with Sharlene Hensrud of RE/MAX Results, and HomesMSP — Sharlene, John, Angela
