Securing mortgage loan financing is the cornerstone of financial prosperity in America. It’s one of the biggest decisions you’ll ever take on your life. Here’s what to avoid when applying for a high-ticket mortgage…
Make no mistake, the way mortgage companies must originate loans is 100 percent controlled by the federal government. That means the “asks” for continual documentation, the electronic signature process and the binding of a borrower to the loan process is effectively controlled and enforced by the government. As a result, it’s going to require you to have a certain degree of vigilance when getting your financing whether you’re buying a home or whether you’re refinancing a home you already own.
What to avoid…
Originating a loan 100 percent via email sounds too good to be true for some folks, right? The reality of it is that procuring a mortgage has many different facets and moving components and conducting the whole entire process completely via email is an unrealistic expectation in today’s compliant heavy world of mortgage finance. Things can get lost in translation, not communicated properly and there’s no human element. It would be prudent to have a conversation with the company about your loan amount, your rate, your terms, your payment including all your numbers via telephone and then the rest of the documenting process that transpires over the course of the loan can all be done in handled via email.
The other thing to avoid is only being available for communication before 8 a.m. or after 5 p.m. This is an unrealistic expectation that sometimes working families struggle with in trying to balance getting a mortgage with their other life responsibilities. The reality of it is getting a mortgage is not the most pleasant thing in the world to do and you would be creating unnecessary stress on yourself by limiting your availability to those hours. You must be willing to give up some, not all, but some of your time during the normal work day as things come up in the process that are required by lenders so they can help you be successful in your endeavor to finance a home.
This may seem trivial, but with big mortgage companies toting the ability to get a mortgage 100 percent online, this becomes super important especially when it comes to the roof over your head.
Scott Sheldon is a local mortgage lender, with a decade of experience helping consumers purchase and refinance primary homes second homes and investment properties. Learn more at www.sonomacountymortgages.com.