Did you hear, it’s impossible to get a loan. I heard it’s the worst time to buy or refinance a house. Is that what you believe? Because many people sound so confident when they say that. And I’m curious, if you believe that, did you actually try to refinance or buy a house in the last 90 days to arrive at that conclusion or are you repeating something you heard from the TV, newspaper or a neighbor? I know from experience that it is not true, and I’m going to give you 5 insider secrets that can make your life easier when you choose to get a mortgage loan.
1. Know what you want and how much you want to pay for it. Half the battle is figuring out what type of loan makes the most sense for your scenario. Once you know what kind of loan you want. You have to determine how much do you want to pay for it. So make sure if you decide to shop around for rates, you are comparing apples to apples on what’s being offered.
2. Have all your paperwork ready when you call. Long gone are the days of expecting to write your own ticket and getting a slam dunk approval just because you have an 800 credit score and a 100k in the bank. The banks are now asking for more documentation, so don’t get offended. Having the necessary documentation, will help us be prepared to give you an accurate quote, so we can get your loan faster.
3. Know the new rules. This is why having a personal relationship with your lender like me and watching my videos is important. The loan industry and guidelines are changing, and things are different since the last time you bought or refinanced a home. Just in this last 9 months we’ve seen changes to appraisal timeframes,the ability to use rental income, and other new ways that underwriters consider loan approvals.
4. Connect the dots. Ok, I’l be the first one to admit that underwriters aren’t always as smart as you and I are. But more importantly, they don’t have any way of knowing what that $900 deposit into your checking account was from, or if that credit inquiry from Macy’s last month got you a new card that now has a $3000 balance and just hasnt shown up on your credit report yet, LOE’s telling the story to them about why there’s a big difference between your most recent tax returns income compared to the previous years return, will help them feel confident that you’ve got nothing to hide.
5. It’s not all about Rate. Imagine your favorite restaurant…Imagine the food is the product and the service is the process. I want you to consider the rate and fees the product of getting a loan. The second part is how you feel when I’m helping you, when you feel confident, self assured, and well advised that on how to get your loan quickly. When you have a lender who exceeds your expectations with the process and you’re delighted with the product, it’s like your favorite restaurant, you can’t help but tell everyone you know how great the experience is. Does that makes sense? If so, let me know by leaving me a comment below and sharing this with someone you care about.