REGION – It seems like summer starts to fly by once July hits. One minute you have weeks of warm weather ahead of you, and the next there’s back-to-school displays everywhere you look.
If being in a new house before the end of summer is still on your to-do list, don’t worry. You still have time to make it happen. The key is knowing what to do first, what can wait, and who to call to help set your plans into motion.
Set your deadline now
For many buyers making a summer move, the goal is simple: Get settled in before school starts. Now, that doesn’t mean everything has to be perfect. It just means giving yourself time to learn your new commute, find the closest grocery store, and set your empty moving boxes on the curb for recycling day.
Once you know what day you want to move by, we can work backward from there. This will help us look at what needs to happen now, what your mortgage timeline may look like, and what steps will help keep things moving.
A faster closing could be possible
Buying on a shorter timeline doesn’t automatically mean you’re behind. And working with the right lender could help you close faster than you thought possible. That’s where PrimeLending can help.
PrimeLending closes loans in around 30 days on average. It just depends on the loan type, your documentation, and your situation. That can make a world of difference if you’re trying to get settled in before the school year starts or celebrate the final days of summer in your dream backyard.
Get your numbers early
When your timeline is tight, you don’t want to leave anything up to guesswork. Getting approved for your mortgage early in the process can help you understand your budget, what monthly payment you’d be comfortable with, and how quickly you could close once your offer is accepted.
This early work can make a big difference. Because, when you aren’t trying to pull together everything at the last minute, you’ll have the confidence of knowing where you stand and what to expect next.
Ask about your rate lock options
If you’re watching rates just as often as you’re checking Zillow listings, you’re not alone. Rates are always shifting, and even a small change in rates can affect your monthly payments.
A rate lock is basically a way to hold your interest rate in place for a set period of time while the rest of the loan process moves forward. That means if market rates increase while you’re touring homes or getting ready to close, the monthly payment you budgeted around will stay the same.
Keep in mind though, the timing to lock your rate can vary, so this is a conversation I’d rather have with you early. Knowing when, and if, you can lock your rate could help you shop and plan with more confidence.
Let’s see what’s possible
If a move before fall would make life easier, now is a good time to talk. You don’t have to show up with everything figured out. A lot of buyers start with, “I think we want to move soon, but I’m not sure what’s realistic.” That is more than enough to begin the conversation. So, if you’re wondering what you could qualify for, call me for a personalized review.
Submitted by Victoria Blodgett, PrimeLending, Ludlow, Vt.