11/29/2016
Things You Need to Do for a Mortgage Approval
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Things You Need to Do for a Mortgage Approval Written by Joe Samson on Tuesday, 09 August 2016 5:05 pm
Close More Deals - Qualify homebuyer leads fast and free Buying a home is one of the biggest financial decisions of your entire life. If you know you’ve found the right property and are certain you can afford it, then you’ve likely submitted your paperwork to your lender already. However, if you’re just starting this process of looking for a home online and haven’t yet given your documents to your mortgage broker, there’s a lot of information you should know about what to expect to avoid messing up your home buying plans. This can help ease your stress after you’ve submitted and give you some understanding as to why the process might take longer than you originally anticipated.
Here’s What You Need to Know Before Getting a Mortgage
Your Mortgage Broker Matters There might be a lot of mortgage brokers for you to choose from but that doesn’t mean all of them are the same. Some have more experience, are better at their jobs, and have better customer service skills in addition to many other qualities. If you want to avoid getting stuck with a mortgage broker who isn’t going to provide you with great service, then do your research. Find someone who has a good reputation for communicating with their clients and giving excellent customer service all around. Another reason why your mortgage broker matters is because if they have a bad reputation, this could cause a huge delay in your paperwork being processed. Lenders who have bad relationships with certain brokers are more likely to give any applications submitted by them extra attention. Unfortunately this extra attention adds up to extra time, which isn’t something you want when buying a home. Being careful about choosing your mortgage broker is one of the most important tips on buying a home that a client should keep in mind.
The Lender Might Give Preferential Treatment There are many lenders who have special relationships with lenders because they send a lot of business to them throughout the month and year. As a result, the lender they work with is more likely to send all of their applications to one specially designated underwriter instead of the head office. Often times this leads to a much quicker response time for the clients. Unfortunately if you’re not working with a mortgage broker like this, you are not likely to experience any preferential treatment. In most situations your application will be sent straight to the head office where it will fall into the hands of an underwriter who works there. This can add a lot of time to the process, even if you submitted early.
Applications are Organized by Deadline Most underwriters who work for lending companies organize applications by deadline rather than date they were submitted. This means that even if you submitted yours weeks earlier in order to get things done quickly, you may not get a response just as quickly. However, this doesn’t mean you should send in your application later. You should still send it in as early as possible while making sure you clearly write out your approval deadline.
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