Speed is key in today’s real estate market.

In many parts of the country, the number of desirable homes for sale is limited. Unlike what happens at your local supermarket, you can’t bet on the shelves being restocked overnight or even next week.

Realtors all across the U.S. are telling us offers are being put in on homes within just a few days of them going on the market. In some areas, the demand is so high that offers are being made in just a few hours. For this reason, it’s more important than ever for you to be ready to act quickly with your mortgage lender and a crucial part of that involves you being completely upfront with them at the start.

Recently, the New York Times wrote a story highlighting that one of the main reasons a mortgage may be delayed or fall though is because some people simply aren’t truthful in letting their lender know about their financial history at the get-go.

When you meet with a lender for a pre-approval for a mortgage, the lender is going to run a credit check and take a look at your financial history. As the process moves along, all stones will be unturned and unexpected findings may cause unnecessary delays.

Why does this matter?

Put yourself in the home sellers shoes. Not only is it their decision on who they sell their property to, they’re often motivated to sell it as quickly as possible. If it’s a toss up between two people offering the same amount, or even close to the same amount, the seller may choose to go with the person who is ready to move right away with their mortgage… even if that person’s bid is a little bit less. Trust us, it happens all the time.

Any reputable mortgage lender is going to uncover periods of unemployment, a bankruptcy, student loans, a name change, other debt or divorce as they begin the pre-approval process. Having these on your financial record does not mean you won’t be able to secure a loan, but if your lender doesn’t know about them in advance, they can delay the entire process and potentially, cause the home seller to go with another buyer.

Not all mortgage products are created equal. Are you in the market for a home and wondering what type of mortgage is right for you? If so, setup a free consultation with one of our local mortgage loan originators in person or over the phone. There’s never a fee for the meeting and you won’t be obligated to work with HomeBridge if you do decide to purchase a home later on. A list of our local branches can be found online here. If we don’t have a branch in your neighborhood, you can contact our customer service department here and we’ll be happy to help you.

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