*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Let's be honest, getting a mortgage can be stressful. The nerves of wondering if you and your family will qualify for a loan, the unknowns of what's going on behind the scenes, rising interest rates, rising home prices, etc.
Here are a few tips that I've seen help alleviate some of that pressure and some of those nerves that you might be feeling.
1. Communication
Lots of nerves can be resolved through good communication skills. How often do you speak with your loan officer or processor? Are you asking direct questions and receiving adequate answers? Are you being given updates on a regular basis to how the process of your loan is going? It's important to be in regular contact with those who are in charge of your loan. Don't be afraid to ask for updates, and don't be nervous to ask specific questions that will help get rid of those stressors that come with purchasing a home.
2. Get required documents to your loan officer in a timely manner
Sometimes it's not the loan officer's fault that a file is being held up. If we need certain documents signed, it's important to get them back to us as quickly as possible. The faster that we receive these documents, the faster your loan has a chance of moving. This is also the case with tax returns, paystubs, and and other documents that we might need. The quicker they are given to us, the faster we can review them and progress your file.
3. Education
It always helps to know the options that are available to you when going about the loan process. Do you qualify for a conventional loan? FHA? VA? USDA? Utah Housing? What are the differences involved with those loan types? What interest rates are available? Will I have to pay mortgage insurance? It's important to be educated on what's happening with your loan, and if you're confused about something, please ask questions! As a loan officer, I'd love for my borrowers to understand what's happening so that they can be confident that they're making a good decision.
4. Try not to sweat the small stuff
We get that it can be frustrating to have to get us document after document, and we get that it might infuriate you that we have to abide by specific guidelines and laws when dealing with your file. Be patient with us. We're doing our best to make sure that your file is as complete and compliant as possible. We don't mean to be a pest to you when we ask for things, we just want to make sure that nothing comes back to haunt us or you after your file is completed.
Ultimately, you still may find stress as the loan process takes place, but hopefully these four tips can help offload as much of that stress as possible. Please contact me for more information on getting your loan process started, and what can be done to make this as smooth of a process as possible.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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