August 17, 2018
“Anything that can go wrong – will go wrong” someone named Murphy once quipped.
Maybe Murphy wasn’t privy to the excellent advice a first time home buyer needs so they could have enjoyed the journey to home ownership, but you certainly can be!
Did anyone tell Murphy the importance of interviewing agents to find the best fit for their home search journey? If Murphy had only known how emotional purchasing a house could be and how having an agent advocate right from the start could smooth the way to a less stressful moving experience!
I wonder if Murphy was aware of how important the financial piece of the transaction is to a successful closing. Even if Murphy had the very best credit history, being prepared to show a seller up front that you are approved to purchase is vital. It would be awful for Murphy to fall in love with a house only to lose it to a competing buyer with full mortgage approval!
If Murphy were working from the beginning with a caring local agent they would have advised Murphy to interview several mortgage lenders and ask every question Murphy had about the entire process. A major advantage of taking the time to interview several mortgage companies could be the possibility of saving thousands of dollars! A difference of ¼% in the interest rate may not seem like a whole lot of money each month, but added up over the life of your mortgage, it can represent significant savings. Murphy’s agent would have advised:
- Compare rates and loan packages of several lenders
- Ask about any specialty programs you may qualify for
- Know exactly what to expect to pay monthly and over the life of the loan
Yes, perhaps if Murphy had done things a little differently in purchasing the first home, none of us would be quoting Murphy’s Law today! Maybe he or she would have written a different law if they had worked with a local marketing specialist that had the expertise, professionalism and experience to help Murphy avoid the pitfalls and disasters that led to the saying!