Home Loans 101

Practicing good financial management is critical to keeping yourself on solid footing when it comes to a major purchase such as a house, car or pursuing a business opportunity. When it comes to Home Loans 101, the negative impact can be substantial, consider these facts:

  • Late payment is the #1 reason for low credit scores that could disqualify you for any type of mortgage loan option. High balances on credit cards is the #2 reason behind low scores.
  • Many mortgages programs require you to possess and document substantial monetary reserves in excess of your home buying downpayment.
  • Additionally, buying a home comes with all sorts of secondary expenses, such as furniture and ongoing maintenance. A savvy buyer must factor these requirements into the decision making process.

At Tradition Mortgage, we believe that financial management begins with a solid team of financial professionals, from financial planning to insurance (life, auto, home) and more. We are happy to recommend any of our long-term affinity partners to review your current situation. It is never too late to chart a path to financial wellness.

Home LoansOptions Beyond Just Low Rates

Home mortgage financing requires more than just quoting the lowest rate. The rules and regulations governing the industry have grown in complexity due to legislation from Congress. Thus, home loan applicants should know that there is more to obtaining a home loan than just the anonymous mouse click for the latest ‘robo-rate’ quote.

Our loan officer’s talents reside not only in their ability to secure a low rate, but also to educate you on your options so you can make an informed decision. They will personally meet with you or chat over the telephone. Either way, they gets to know you and thoroughly understand your needs first! The loan officer will then uses his/her experience to tailor options through his extensive fact finding process and sophisticated mortgage lending tools.

The Smoothest Process Possible

Bumps along the mortgage lending process can occur. That is why you need a local mortgage pro on your side anticipating problems, mitigating discrepancies and personally resolving issues if and when they occur. Needless to say, professional experience and being ultra-organized are keys to navigating the mortgage lending business.

Given these facts, you can take comfort knowing your loan officer is positioned at the heart of your loan processing experience. He has the organizational structure and systems in place to deal with the unexpected. The loan officer’s team of assistants, processors and underwriters move quickly and efficiently to flag issues before they become large, unexpected surprises or slow down your efforts to qualify for a loan. They personally will follow-through on every detail. Tradition Mortgage and their experienced team of mortgage professionals are with you every step of the way.

The Final Step: Closing

At least 48 hours ahead of closing, your Tradition loan officer will walk you through the settlement statement details step-by-step. You will also be informed in advance as to any documentation needed at the closing table. This may include; down payment funds, insurance information, or the last pieces of income documentation.

We pride ourselves on conducting a “No-Surprise” closing. The final numbers need to be accurate, and paperwork needs to be in order. Most of all, when it is all said and done, your expectations of a smooth closing must be exceeded.