IMPORTANT THINGS YOU "NEED" TO KNOW......
As you may have learned already in your search for the right mortgage loan, mortgage financing can be quite complex. The recent credit tightening that has occurred in the industry has made it challenging in some respects to obtain financing. As professional mortgage brokers, we are licensed and educated with over 25 years of experience to lead you through the mortgage process as quickly and smoothly as possible.
Here are some tips to help make this easier for you. We feel the better we educate you about the loan process, the more comfortable you will feel and the easier this will go for everyone.
How long does it take?
• First off, please understand that the “average” time frame for doing a mortgage loan, start to finish is approximately thirty (30) days. Some less complex loans may take less time while some of the more challenging loans may take longer. On the “Step by Step Process” tab you can see how your loan goes through the mortgage system.
What information is needed and why?
• Once we have chosen the right loan program for you and we are ready to process your loan, we will ask you to provide us with certain documentation specific to your loan request. Regarding this documentation, (Please see “Required Information” tab) please provide us with the items we have asked you for on your checklist or in conversation with your Loan Officer as soon as possible. Although many times some of the things we ask for may sound unnecessary please remember that we have been dealing with underwriters and guidelines for a long time and we would not be asking for it if we did not need it. We are always looking out for your best interests to make this loan process go as smoothly as possible. If you have any questions about the requested items, please contact your Loan Officer. Also, remember that time is of the essence and mortgage documents are very time sensitive. It is important for you to get the information in to us via fax or overnight just as quickly as you can.
Do I have to keep making my loan payments if I’m refinancing?
• Another very important question we frequently get from our clients is about making their current mortgage or rent payments during the process of their mortgage application. The answer is a BIG YES. Please DO NOT stop making any of your payments! Your mortgages, loans, and credit cards must still be paid on time. It is vitally important for you to maintain your current credit rating so you do not adversely affect your mortgage loan approval. Please understand that prior to closing, a lender may re-check your credit and if there are adverse changes to your rating, your terms and conditions may be altered drastically. WE CAN NOT STRESS THIS POINT ENOUGH.
What if I want to buy another car or transfer my credit card balances for lower interest?
• Going right along with credit, please DO NOT change your current financial picture at all without first talking with us. Keep in mind the preliminary approval we have given you is based on the financial information you have verbally provided to us. Any changes to it could adversely impact your loan. This means please DO NOT purchase any new cars or take on a new lease or auto payment, no new student loans or credit cards. Please do not open new charge cards or loans or close any existing ones including transfer of credit card balances again ANY changes during the processing of your loan could alter the approval and will have to be documented and that could be time consuming.
What if I need to get money from my 401k or gift from my parents?
• Regarding the transfer of balances, Please DO NOT move large sums of money around without speaking to your Loan Officer first. All transactions usually have to be documented and tracked for underwriting purposes. So please talk to us first, so we can guide you properly on how it needs to be tracked.
What if I get a great job offer for more money at another company?
• Also prior to closing, a lender will always do a “verbal” verification of employment to make sure you are still employed. So what ever you do, DO NOT QUIT your job during the mortgage process without talking to your Loan Officer first. Even if you are excepting a better job, please call us first so we can guide you through the easiest way to document it.
Remember taking out a mortgage loan is normally the largest debt you will have during your lifetime. Needless to say, lenders who invest in you, want to make sure every “i” is dotted and every “t” is crossed and everything is in order. Our job is to see to it that your file meets all of their guidelines.