7 Tips to Help Your Mortgage Banker Help You

Did you know that the person who can best help your loan process go smoothly is, well, you? Your Mortgage Banker will help you every step of the way, but there are important actions you can take to make your partnership work and get you the loan you want. Try these seven tips! 

Call a Mortgage Banker First   

As you start the homebuying process, you may wonder whether to find a real estate agent or a Mortgage Banker (loan officer) first. Understandably, many homebuyers, excited about shopping for their dream home, often enlist an agent and begin their search. But there’s just one important box they haven’t checked...what can they actually afford?

It’s always best to talk to a Mortgage Banker first. Not only can they help pre-approve you for what you can afford, but this knowledge will save you (and others) time and frustration by keeping you focused on properties in your budget. Plus, a Mortgage Banker can help you find loan programs and assistance programs to make your mortgage more affordable. 

Provide Documents Quickly  

When you apply for a loan, you’ll need to supply documents like bank statements, tax returns, paystubs, and W2s or 1099s. The sooner you can do this, with legible information and all pages (or scans) in order, the better. As the mortgage process continues, you may be asked to provide updated documents. Whether you send them digitally through an app, attached in email, or hand deliver them, getting them to your Mortgage Banker quickly and thoroughly will keep your loan going smoothly. 

Be Responsive to Questions 

Your Mortgage Banker (or processor, or underwriter) will have questions for you throughout your loan process, and they can come after hours or on weekends. Do your best to answer them quickly and thoroughly to avoid delays.  

Avoid the 10 Don’ts of Borrowing 

Some of Mortgage Bankers’ most common challenges stem from borrowers’ forgetting advice about what NOT to do during the loan process. Check out the ten most common “don’ts”, including: 

• Don’t change jobs 

• Don’t buy a new vehicle 

• Don’t take out any new loans or credit cards 

• Don’t pay bills late 

Be Honest 

Don’t “forget” debts, child support, or other financial obligations. If you owe back taxes, have liens, or other liabilities, they will eventually be discovered. The same goes for your credit report. Chances are your credit may need to be pulled again as your closing day draws near, and any new activity will show. 

Be Flexible 

As you start home shopping, you may have one idea of what you want; but when you learn more about your loan eligibility, you might decide that a smaller home or a different location is a better fit. You may decide to pay a higher rate or put down more money than you planned. Just remember that your Mortgage Banker has your best interests in mind and will help you pick the right loan for your needs, right now. 

Get Homeowners Insurance Quotes 

Once you have found the home you want, immediately start shopping for home insurance quotes - not having one can slow your loan process down and prevent correct calculations for your monthly mortgage payment. (Need a place to start? AB Insurance is a full-service insurance agency specializing in Homeowners, Auto, Renters, Boat, Life, and Umbrella Insurance.) 

Be Patient  

No matter how hard you and your Mortgage Banker work to get to the closing table, things can still go a little sideways. An appraisal comes back low, a seller refuses your requests, an inspection finds that big repairs need to be made. If you remain patient and “expect the unexpected,” you’ll be better able to go with the flow...right into your new front door! 

Atlantic Bay is ready to help you get your dream home. Call us today!