How Can First Time Homebuyers Do More Than Endure the Mortgage Loan Process?
Many of us have heard about nightmarish mortgage experiences from friends and family. Not wanting to go through that yourself may be the reason for putting off buying a home sooner. Here are a few tips to make the loan process easier on you:
Find A Mortgage Professional Who Will Give You Personal Service Not Just Be a Number
The best step you can take is to find a friendly, knowledgeable and experienced mortgage loan officer. Ask the loan officer how long he or she has been working in the field and how they like to work with clients. Pay attention to how easy it is to get ahold of them and how quickly they respond to your questions and concerns. If you do not get a fast response up-front, you will not get one when you are in the middle of the loan process.
Ask Lots of Questions
As a first-time homebuyer, it is important you understand as much as possible the mortgage process. Ask questions about what is included in closing costs, the general loan process, what you should or shouldn’t do during the loan process or anything else. A friendly mortgage professional will be more than willing to answer all of your questions to ensure you are well informed. Also, ask how often the loan officer will communicate with you throughout the process to keep you informed.
Respond To Inquiries For Information Promptly
During the loan process, you will be asked for many items. It may be tax returns, pay stubs, bank or investment statements or other financial documents. It is important that you respond quickly to these requests to keep the loan process moving forward. Be aware that the processor and underwriter will review these items, it may trigger the need for more documentation. If you have a large deposit on a bank statement, the underwriter will need more information about the source of the deposit.
You may be stressed and even fearful about the mere thought of applying for a mortgage, but rest assured many people successfully navigate through the process with minimal stress or fanfare everyday. My team and I are committed to guiding you through the loan process. I am always available to you at 214.683.1427 or email [email protected]. Please contact me to begin the loan process and to learn more about the right loan programs for you.