It’s that time of year when we start reflecting on our goals for the months ahead. Where do you hope to be by year’s end? Are you picturing settling into a new home? Do you want to refinance† your mortgage, or pull cash from your home’s equity for a renovation project?
It can be tempting to put off these major milestones until “the time feels right.” Many factors, both personal and market-wide, impact our housing and money decisions. But it’s important to remember that life doesn’t wait for conditions to be perfect, and your best opportunity to make a financial move could be just around the corner – or now.
When it comes to life milestones and financial goals, Newrez is here to help. The sooner you reach out to one of our mortgage experts, the sooner they can go through your options with you, and the faster you can move through the process to reach your goals.
1. Prioritize Your Goals Over Market Indicators
If you’re thinking about buying a new home (or second home, or investment property), you might have your eye on mortgage rates and the housing market. After all, if rates or housing prices fall, you may save money.
However, the movement of mortgage rates is unpredictable. There are certain indicators you can monitor to get a rough idea of where mortgage rates might go (see this article for insights), but ultimately, no one can say with any real certainty when rates will drop – which means you could be waiting for longer than you would like. You might end up letting certain opportunities pass you by.
While watching market indicators may be helpful, ultimately, your decision to purchase a property should be based on your needs, goals and financial circumstances.
If you’re ready to take your future into your own hands, a Newrez loan specialist can walk you through the possibilities and help you find a loan that’s right for you. Find out if you qualify for a loan with a low down payment requirement, or other flexible terms.
2. Life Moves Fast – Be Proactive
Perhaps you’ve got big plans for the coming months, and you’re pretty sure you’re prepared for what is coming. But life sometimes throws curveballs at us – families may grow or dwindle in size, and unexpected financial snags might catch you off guard.
Sometimes, changes like these might necessitate a refinance of our home, or a change in our loan term. Connecting with a loan officer lets you get more familiar with your options now, so there are fewer unknowns down the road. Get familiar with our refinance options here.
3. Get a Head Start on the Paperwork
Before you can make your visions a reality, you have to do the not-so-exciting part first – submitting necessary documents and filling out forms. If you’re an existing customer, you may enjoy a shortened approval process. But long or short, that process may still be standing between you and your sleek new kitchen.
When you initially reach out to a loan officer, they can take a cursory look over your information and let you know what sort of loan you could get. Once you decide which option makes sense for you, then you may have to pay upfront fees and read through agreements. If you are aiming to get your loan by a certain time frame, be sure to budget in the weeks it will take for paperwork to be processed.
That’s why it pays to be proactive – hesitation only pushes back your timeline. Even if you decide you don’t want to get a loan right now, at least you’ll feel satisfied that you went through your options with an expert.
Reach Out to a Newrez Loan Officer Today
Let this be the year that you take the reins on your financial future. Doing a mortgage review with one of our loan specialists is quick, easy and won’t cost you anything. Reach out today.
Not sure what you can afford? We have great tools on our Mortgage Calculators page.
