What’s in a name? Depends on what you’re talking about. In the last two decades of helping first time homebuyers, move-up buyers, homeowners to refinance, empty nesters to downsize and people buying second homes, I’ve noticed that some “names” make people nervous. I’m talking about the terminology associated with getting a mortgage…to a lot of people, these terms sound terminal.
It’s pretty common among all walks of life to feel uneasy about one’s financial situation and status – especially when revealing it. There are countless interviews with millionaires who are “still afraid they don’t have enough.” Millionaire or not, we all need a roof over our heads and most people consider home ownership at some point. For the majority, that requires going through the mortgage process. Anyone who has ever gotten a mortgage – particularly first time homebuyers – has likely felt a little twinge of uneasiness when experiencing one or more of the steps along the way. What are these intimidating terms that tweak insecurities?
- Credit Report (Sounds like the adult version of the “naughty or nice evaluation.”)
- Qualification (Who doesn’t feel inadequate once in a while?!!)
- Verification (Feels like they’re checking an alibi!)
- Appraisal (Granted, it’s the property under scrutiny, but getting sized up feels intimidating!)
- Approval (We’re in or we’re out…yikes!)
It’s obvious the public relations departments of the early mortgage companies didn’t come up with the wording that describes the mortgage process. I can’t change the mortgage process or rename the steps, but my team and I can help make the experience less intimidating – with the goal for it to be memorable in a GOOD way.
We only buy our first homes once – so the best way to get prepared for that milestone is to attend our upcoming First Time Home Buyer Class . We take the mystery and the fear out of the mortgage process. Our next First Time Home Buyer Class is Thursday, June 21st from 6:30-8PM. You can register for the June First Time Home Buyer Class Now, or call 952-808-2810 to register.
If you need to start the pre-approval process for a refinance or other mortgage, you can start now by completing our online pre-qualification worksheet and we’ll get in touch to direct you through the next steps.
Whether you’re a first time homebuyer, a homeowner wondering if a refinance is possible and beneficial for you or anywhere else on the homeownership spectrum, my team and I are here to help you decipher the terminology so your hopes and stress level don’t get terminal.
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