4 Topics to Discuss with Your Loan Officer
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.
1 - Communication Style
Mortgage professionals will communicate with you in a variety of ways including by phone, email and text. Some are tech savvy and others prefer traditional methods. The point is to be clear about what YOU prefer. If you respond more quickly to text messages versus voicemail - tell your loan officer. Often times, there are time sensitive issues that arise during the loan process, so it will make everyone happy if your loan officer knows how to get questions answered, additional documentation etc. in a timely manner.
2 - Timeline & Priority Level
Mortgage loans are a process and the process is changing almost on a daily basis. This means that you need ask your loan officer about expected timelines and be clear about any time restraints you have. Your mortgage professional wants to get your loan secured and completed as soon as possible but the key word here is "possible." Don't make unrealistic demands or expectations. Try to provide information right away so you can stay on schedule. Your loan officer will give your file top priority and it is essential that you do the same.
And while it might seem obvious - keep your loan officer in the loop when it comes to going on vacation and delays on your end. You will need to be able to electronically sign disclosures, provide scans of income verification and tax returns and physically present to sign contracts throughout your loan process so if you are unable to fulfill these requirements, it can jeopardize your application.With our Ways 2 Save Budget Worksheet, you can easily manage your budget with our free month-by-month plan. Grab your free copy »
3 - Be Upfront About Unusual Circumstances
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 divorce
A short sale, foreclosure or bankruptcy
Unreliable working hours or income restraints
Other rental properties
Anything 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.
4 - Short-term & Long-term Goals
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!
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