Buying a home can be a pretty stressful situation..
Facilitating a mortgage loan requires a ton of due diligence by the lender and requires a ton of patience from the client.
I wanted to share some insight from a mortgage professional to some of the reasons buying a home can be stressful so when you are ready you know what to expect and what ways we can make that process NOT as stressful.
- The lender has to cover ALL bases
Due to the mortgage crash in 08′ lenders have strict guidelines to follow to ensure the safety of the client.
If you are seeking a mortgage loan just be prepared to get your entire financial situation inspected with a fine pick comb since we are no longer to qualify borrowers on stated income (for good reason)
2. Fitting a square peg in a round circle
Often when we run into issues when qualifying because we are trying to fit a square peg into a round hole. Clients often want to purchase a home that puts their qualifying ratios awfully close to the guidelines and limitations that are set by the government agencies.
When I qualify a client I try and give them a few different options so if down the road one option closed due to unforeseen circumstance we still have a few different directions, which frankly can save a deal.
Here is a few things you can do to make your mortgage process just a little bit less stressful:
- Be patient
I get it, it can be frustrating when a processor continues to ask for new documentation. Why wouldn’t they ask for all the documentation at one time so you font have to go back and forth? The answer is because processors try and send the file through with the least path of resistance. Sometimes barricades occur which make them navigate a new route.
2. Be open to communicating with your mortgage team
Communication is the number 1 reason we have confusion and frustration during a mortgage process. We work off of the information you share with us, so I recommend finding a lender you trust and make sure to communicate with your mortgage team. (The good, the bad and the ugly)
I hope this email has been eye opening and tactical so when you are ready to find a new place to call home you can get the best experience possible.
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