We take great pride in making your mortgage process as smooth and easy as possible. At the same time, if you’re trying to buy a new home or refinance, you know it’s not as easy as, say, ordering ice cream. There’s a lot that goes into financing a home.
Home financing involves what’s probably one of the biggest transactions you’ll make in your lifetime, and it can definitely be a bit complex at times. Not to worry, though! We can take a lesson from the Boy Scouts: Things are always easier if you’re prepared.
If you’re looking for a mortgage, one of the first conversations you’ll probably have early in the process is with a Home Loan Expert. Here are five key questions to ask so that you can be as ready as possible to move forward.
What Can I Expect?
You should first get an overview from your mortgage lender’s Home Loan Expert on how the whole process works. When you’re looking to get a mortgage, many of the elements of the process are the same:
- While speaking with the Home Loan Expert, you’ll go over your goals for the mortgage, whether you’re looking to buy a new home or lower your current mortgage payment.
- Your credit is pulled to see what you qualify for.
- We gather documentation on your income and assets.
- The loan is underwritten. In this step, your income and asset documentation is verified. We also have an appraiser look at the current value of the home.
- Your loan closing takes place. This is where we cross the T’s, dot the I’s and sign the paperwork.
We even have a short video going over how all this works. However, keep in mind that everyone’s mortgage process is unique, so you should make sure to speak with your Home Loan Expert to go over what to expect ahead of time.
What Paperwork Do I Need?
Next, you should go over what documentation you’ll need to provide to move the process forward. When you start the paperwork for a mortgage, lenders are typically going to ask for the following from you:
- Two years of W-2s
- Two recent pay stubs
- Two recent bank statements
It’s also extremely helpful to have tax returns available, particularly if you’re self-employed.
These are just guidelines, though, as there may be specific documentation that’s necessary for your specific loan. For example, VA loans require a certificate of eligibility from the VA. Ask your Home Loan Expert as soon as possible what documentation will be required so that you can make sure you have everything you need.
When Will I Close?
We pride ourselves on the efficiency of our process and try to get you closed as quickly as is humanly (and legally) possible. That said, depending on the loan program, different requirements and appraiser schedules can slow things down just a bit.
Ask your Home Loan Expert about what they think is a reasonable timeframe to schedule your closing so that we can set up an appointment that works for you.
How Often Will I Get Updates?
As mentioned above, the mortgage process isn’t like ordering ice cream – it takes weeks, not minutes.
Even if you turn in all your paperwork in a timely manner, there are a lot of moving parts to the process. There’s the appraisal, setting up title insurance and lots of other details to take care of.
It can take time, but the process is a little smoother with effective communication. Ask your Home Loan Expert how often you can expect updates as the process moves forward.
How Can I Avoid Delays?
With a transaction as big as a mortgage, there are certain things you want to avoid doing.
Common mistakes include applying for other financing (such as for a new car) at the same time you’re trying to buy a house. This can drop your credit score. Additionally, any large deposits you make have to be sourced, which can cause issues at times.
The best way to handle this is to ask your Home Loan Expert before making any big purchases or changes. They’ll be able to guide you in the direction that makes sense for your loan and situation.
Now that you know what to talk about, perhaps you’re ready to get started. You can get going online or call (888) 728-4702.
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