You’ve made the decision to buy a new home or refinance your current home, so your next step is to get in touch with a mortgage professional for help. Whether this is your first or fourth loan, the key to a smooth process is having a clear way to communicate what you are looking for with your mortgage professional. To keep everything running smoothly – make sure you discuss the following topics with your loan officer:
- COMMUNICATION STYLE
Your communication with your loan officer will be through many avenues including phone, email and text message. Some are tech savvy while others prefer more traditional methods. Make sure you are clean about what YOU prefer. If you are someone who replies to emails more quickly than voicemails, be sure to tell your loan officer. This will help keep things running smoothly and ensure that you can respond in a timely manner.
- TIMELINE & PRIORITY LEVEL
The mortgage loan process changes on a daily basis. Be sure to ask your loan officer about expected timelines and be clear of any time commitments you may have. Your loan officer wants to make sure you get your loan secured as soon as possible. The quicker you provide your information, the quicker your process will move along. If you are planning a vacation or have any delays on your end, be sure to keep your loan officer in the loop. Being accessible to electronically sign paperwork and stop by to sign contracts throughout the loan process is what will keep your application and loan process on time.
- BE UPFRONT ABOUT UNUSUAL CIRCUMSTANCES
One of the quickest ways to get declined for a mortgage is to hide any unusual circumstances from your loan officer. This can include a pending divorce, short sale, foreclosure, bankruptcy, income restraints or anything that you feel is unique or unusual. Being upfront about these circumstances right away will help keep your application from being stalled at a later date once the circumstance is discovered.
- SHORT-TERM & LONG-TERM GOALS
Are you purchasing a home to be in just a few years or a few decades? Do you want to turn the home into a rental eventually? Understanding your short and long term plans will help your loan officer to tailor your loan programs and rates to best suit you. A good loan officer is concerned about your overall financial wellness and wants to help you select a loan that will be the best fit for your financial goals.
These are just four main topics to cover that will help jump start a smooth and effortless process with your mortgage professional. To get started on your loan or refinancing process, contact one of our loan officers today!
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