Ask and you shall receive

We seldom receive the answers we seek without asking questions. Many of us don’t ask questions because we do not know what questions to ask, or we may fear the answer. In the mortgage business (and in life) when you ask; you receive. We must ask good questions until we can arrive at a good conclusion. In this article I'll make a few suggestions that will help guide you during a home loan process. Asking questions can make all the difference in your results!

How

If you don’t know and understand how your loan will be made, you need to work with the loan officer that takes the time to explain how it is all done! Money does not mysteriously appear at the real estate attorney’s closing table. It is process that you should know and understand. Work with lender that explains it confidently, and is easy to follow! Ask how it all works.

Who’s on 1st

Know who the players are. You should know who the key players are in your transaction and what their functions are.  Realty, Lending, Attorney, Inspectors, Appraiser, Insurance, Contractors, Builder Contacts; they all play a specific role. You should know who is involved so that you’ll understand where you are in the process and why. Sometimes the loan process is like a baseball game. We can all make it to home base, but we all must get there independently on the same team. Ask who’s on 1st!

What’s next

Knowing who is "up to bat" helps you understand what will happen next in the transaction.  A large portion of the loan process occurs behind the scenes. In a perfect world, the process would look like magic! For lenders to execute flawlessly, we require your assistance. Please ask what is the next thing to be completed. This will ensure that we are not waiting on any additional items needed from you, and hold each lender accountable as well. It also helps to set expectations to all parties on the timing of the process. Ask what’s next.

When

If there was one word to focus on in the mortgage process; it’s WHEN! The entire process of lending is about timing. It is important for you a borrower to understand when things are required and when they will be reviewed. The contract dates, inspections, rate lock, and closing are all contingent upon a specific amount of time. Always ask when a thing should be completed.

Where

Geography makes a significant impact in the lending process. It matters where the property is located. Some considerations surrounding geography are

·         State, City, and County - Taxes and Fees are different for all municipalities

·         Flood Map- Is the property located in a flood zone?

·         Usage Zoning- Is the property for residential or commercial use/ both?

·         Occupancy- May determine if you are in a commutable distance from your job

·         Eligibility- Some programs are based on location like USDA

·         Planned Unit Developments and Historic Districts—Restrictions and Covenants apply

The mortgage business changes daily. No one has ALL the answers memorized. The smartest people know where to look for their answers! If you want to research a topic, ask where you can look to find facts. A good lender is knowledgeable, and also willing to guide you to the resources you desire. 

Notable Mention--know where your loan officer and the closing attorney are located. Local professionals can make a positive impact to your transaction. Be sure to ask questions about where your property is located and where to find more information on the topics/questions you may have. Ask Where!

Why

The most important question in life may be WHY!  Know why you are borrowing the money. Know why you are borrowing the specific amount of your loan. Make sure you share your reason why with your lender. Lender’s don’t read minds… The question of why is not easily uncovered or readily shared. Everyone is not purchasing a home for the first time. Some borrowers may be experiencing some type of loss in life, marriage, or death in the family. When lenders can understand why you are borrowing money, we can advise you on the best way to save time and expense. It enables us to be sensitive to your specific needs and capacity. We may not understand this reason or answer, but it is important we know it.    

This is a two-way street. If you ask a lender why something is, you are entitled to a direct response. You may not like or understand the response, but you should receive one. Share why and ask why.

In mortgage lending, it helps to ask questions!   There is no need to assume what you can specifically clarify. I encourage you to work with a lender that is knowledgeable and patient enough to answer your questions. If they are unable to assist you, they will be glad to direct you to a solid solution. I would love to be that lender for you! When we ask; we receive. May I assist you with lending today? 704-241-5135 www.lendingbliss.com

#ASK #lendingbliss #homeloans #mortgagegal #OptionsConfidenceResults