As you begin the mortgage process, the information and paperwork can become overwhelming. From understanding the many mortgage acronyms to gathering all of the documentation– the application process can get confusing.
If you keep these simple tips in mind when preparing for your application, you can become a confident homeowner!
Preparation is Key
Become an expert on your current financial situation by assessing every aspect of your finances. By understanding your income, expenses, debt and credit score, you can better understand your options and begin your search for your new home.
Have you applied for a pre-qualification? This will help you with your home search by pairing you with a lender and establishing some expectations. By pre-qualifying, you will also get a head start on collecting the paperwork needed to apply for your mortgage.
Work with Your Lender
Your primary contact throughout the mortgage process will be your assigned loan officer, who will guide you every step of the way. Communication is key in this relationship! To ensure a timely application period, be proactive by checking in periodically to see if any information is missing.
This may be the first time you have been required to disclose certain information about your finances. It may be uncomfortable at first, but it is necessary for the lender to get the whole picture when accessing you as a candidate for the loan. The faster you provide the information in question, the faster your application may be approved.
Make sure all of the information provided is easily accessible. Keep copies of all records you provide to the lender and all the information you receive about your loan in one folder. Come closing time, you will be more than prepared to receive your keys!
In many cases, the mortgage process may take longer than expected, but by following these tips you could be on the road to a speedy mortgage approval! Come closing you will be able to call yourself a new homeowner, the greatest reward for your dedication and patience through the process.
By Kaylee Fantis