Truth or Consequences was a television game show when I was growing up. As I remember it, the contestants had just a few second to correctly answer a question. Some of the questions were so ambigous that no one would ever be successful. In fact, I think that really was the point. They wanted the contestants to have to perform stunts. Today, I started to think about the parallel between that game show and the mortgage loan process.
If the borrower can quickly answer the questions asked and supply the requested documentation on the application, they aren't going to be performing any stunts. Or in the case of the mortgage, we won't be asking to additional paperwork to clarify the information that has been provided.
If the borrower isn't ready, they get the buzzer. They will be asked for additional documentation, letters of explanations, etc. and the process will last longer than it needs to.
Don't get caught having to perform stunts in the mortgage application process. The best way to avoid it is to follow my advice.
Here are my helpful tips for a successful stress free mortgage application:
- Know your credit profile
- Know your household budget
- Have your paperwork organized
- Follow your loan originators direction
In case you would like to see the television program, Click here.
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