You're ready to buy or refinance – but whether this is your first or fourth loan – you may find that working with a loan officer to be confusing and difficult. Having a clear understanding of what you want and how to communicate with your mortgage professional is critical for success. To keep everything running smoothly – make sure you discuss the following topics with your loan officer.
One of the quickest ways to get declined for a mortgage is to not tell your mortgage professional about an unusual circumstance in your file. This can include:A pending divorceA short sale, foreclosure or bankruptcyUnreliable working hours or income restraintsOther rental propertiesAnything that seems unique or unusual!
Understand that it is ALWAYS better for you to tell your loan officer upfront about unusual circumstances than for them to "discover" it later. If you are unsure where there is something unique about your financial profile - talk to your mortgage professional to see if it will impact your application.
Is this the home you plan on living in for a few years or a few decades? Do you plan on turning this home into a rental eventually? Is your goal to pay off your mortgage quickly? Understanding your short and long term plans can help tailor the loan programs and rates that your loan officer presents to you. A qualified mortgage professional cares about how this loan will fit into your financial goals and can help position you to achieve those plans faster. Let their expertise help you!
All information provided in this publication is for informational and educational purposes only, and in no way, is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Midwest Equity Mortgage, LLC does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Midwest Equity Mortgage, LLC do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.