Mortage: The INSIDE Scoop

The Mortgage Process can be confusing and rather scary - especially if you have never gone through it before! 

If you are a First Time Homebuyer do not miss the basics of the Mortgage process.

Your chances of getting qualified for a mortgage starts with the Loan Application and from then on takes shape based on the foundation of all the information you, the borrower, give your Mortgage Pro.  Did you forget to mention that old savings bond your grandmother gave you or your 401(k)?  OR Did the loan officer forget to ask?  Be prepared and know what you are going to need to prove to get APPROVED!

Your approval status could hinge on your level of liquid assets - NOT CREDIT SCORE!

Did you get ALL your information to your loan officer quickly?  OR Did the loan officer forget to give you a due date?  If you apply for a mortgage you should be prepared to fax your last 2 years W2's or tax returns, paycheck stubs (30 days), bank statements (60 days), 401(k) statement and all other asset information within 24-48 hours.  If you want a solid, reliable APPROVAL, not prequalification, then you have to be willing to provide information quickly.

Did you receive ALL the information from your loan officer within 3 days?  OR are you still waiting?  When you apply for a mortgage the loan officer has 3 days to supply you with a Good Faith Estimate and Truth in Lending Statement.   These two documents will provide you with the closing costs, estimated prepaid costs, title fee's, funds you will need to come to closing with as well as your interest rate and APR.

What is your APR?  The Annual Percentage Rate is different than the Note Rate or Headline Rate you were quoted in the beginning since it includes all the costs involved in the initial loan process.  If you compare APR's you will find a better deal 100% of the time compared with someone that just wants the lowest Note Rate since a 'teaser' rate could be advertised with fee's or rate increases that offset the low introductory rate.

VALUE and trust are both important when you choose your lender.  You should have reasonable expectations and feel as though you are a part of the process - not just along for the ride. 

Get involved, be informed and demand both from your Mortgage Professional!

I value your opportunity to choose and therefore take your mortgage needs seriously.  Your mortgage will be the biggest purchase of your life - make the informed decision to deal with a professional and ethical Mortgage Consultant today.

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