Why Spring Is Known as Mortgage Season

Are you one of the many people who have heard the phrase “spring is mortgage season”? Have you often wondered why?

Traditionally, the period between September and November is the busiest time of the year for real estate agents and financial/mortgage brokers. Since this is the time of the year when many people are:

1. Consideration of the sale and purchase of real estate; and

2. Looking for home loans.

Plus, spring is the time of year when homes look their best and people are happier to participate in open inspections and auctions.

Start planning

Before you look around for your dream home, you should start planning by following these steps:

Step 1- Presentation

Since the first impression always counts for the buyer, it’s important to make sure your property looks its best from the moment it hits the market for sale. This means that both the interior and exterior are as presentable and attractive as you can make them.

Step 2 – Conduct a financial health check

Just as you have a regular medical check on your health, you should also consider getting a health check on your finances. Because when you do a financial health check, you’ll learn if your finances:

>> need attention;

>> are under control; or

>> Could be better.

The financial health check will help you take control of your finances. So, why not start right away by using a budget planner calculator to figure out what you’re spending your money on.

Step 3 – Find out how much you can borrow

Run your totals using a borrowing power calculator to find out:

>> How much can you borrow? and

>> What repayment amount can you afford?

Step 4 – Get your home loan approved in advance

Getting your home loan approved in advance will give you peace of mind that your loan has already been evaluated by a qualified financial/mortgage broker. Also, you have the upper hand when negotiating the purchase of the property with the seller (seller) and/or real estate agent.

Step 5 – Choosing a suitable home loan

Once you’ve cleared your budget, it’s time to opt for a home loan. When choosing a home loan, it’s important to find out the following:

>> the features you need from your loan; and

>> The cost of the loan in the form of fees.

To help you choose your home loan, you should ask various lenders/credit providers for a copy of their “Key Facts” sheet. It gives you the information you need and it also gives you a comparison rate of the total cost of a home loan with other home loans.

Note: Lenders/lenders need to give you a key facts sheet for a home loan when you ask for one (but not just for interest rate loans or line of credit loans).

Step 6 – Choosing a Suitable Licensed Real Estate Agent

You should consider appointing a suitable licensed real estate agent who:

>> Will help you when you sell your home;

>> Will assist you in your property search when you buy property;

>> Has a good knowledge of the demographics of your region;

>> Has a good knowledge of comparable sales in your region or the region you are looking at;

>> Will alert you to new offers before they reach the media. and

>> will be able to give additional advice.

Step 7 – Documentation

At a minimum, you must provide documents such as payslips that can provide your proof of income.

Selling your current home and buying a new home can be an overwhelming task for many. However, you can ensure a stress-free and happy home buying process by using the Use the services of a qualified financial/mortgage broker. He/she will provide expert support every step of the way and make sure you get the best home loan business.

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Wendy Encarnacion

Wendy Encarnacion is a finance content writer living in Hazleton, Pennsylvania. She completed a Joint Associate of Science in Business Administration as a Financial manager.

Wendy is now a financial analyst and writer. Wendy has been writing about finance and personal finance since she was a sophomore in high school. She has also been writing for several online publications and published in The Huffington Post, and Forbes Woman.

Wendy is a credentialed financial analyst and has experience working with financial institutions and businesses. Wendy is also a certified financial planner. When Wendy's not writing, she enjoys tending to her many plants, watching TV, and spending time with her family.

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