Help Me Help You with Your Mortgage
Dear clients and all good folks. What we as mortgage specialists would like you to know is that we want to get you into that home. We know that once you have placed an offer, you have already mentally hung the pictures and organized the garage.
But here’s the thing. We have to satisfy all conditions from the lender before we can remove the financing condition let alone actually get the mortgage funded. You are our ally in this battle of time and regulations and there are actually things you can do to help us.
1. Make sure you let your employer know to expect a call or 2. The lender has to verify the information on the letter of employment so it’s really imperative they get a callback ASAP.
2. Don’t change your financial picture in any way. This can kill your financing approval. Please do not buy a new vehicle or change jobs or increase your credit card balances.
3. If we are asking for something it is because the lender requires it. It is absolutely true that it seems like a ridiculous amount of paperwork, we really do need it just like we asked for. Mortgage fraud by the few bad eggs has wrecked it for the good people. This isn’t any different than security at airports and it’s the actions of a few that have ruined it.
4. It really was easier last time. The government has made major changes year over year and it is probably true that it was easier the last time you purchased but alas that is no longer the case.
5. The onus is on YOU to understand the mortgage. You are the one signing on the dotted line and agreeing to the terms the lender is laying out. Ask questions.
Research. Do what you need to do but remember that you are responsible for the terms so make sure they are reasonable and acceptable.
6. Choose your[PP1] professional wisely. Referrals are a good start but ask why they are referring you. Do they receive a kick back? Receive foreclosure listings from the lender? Kickbacks take many forms so ask. Why do they recommend A over B?
If the answer is that great service and a thorough explanation of the mortgage then you will likely be happy too.