I’m almost certain you have heard nightmarish story or two from friends and family members about the home mortgage application process, and trust, you are certainly not alone. In fact, some of the stories of “home purchasing horror” you’ve heard could very well be one of the reasons why you have held out on moving forward with your plans to purchase your first home. While some Maryland home purchasers have indeed had unpleasant experiences, the fact is that there is nothing to be intimidated about at all, and the process when handled correctly… doesn’t have to be scary at all.
Following these easy tips can really streamline the process and help you navigate through the home buying process without wasting undue energy, time, or stress:
Choose Your Lender Wisely
This choice is one of the most important ones that you will make throughout the home buying process. (that is after choosing ExecuHome to act as your Realtor) You will need to find a mortgage professional who is friendly, and even more importantly, knowledgeable and experienced. Never be afraid to ask the loan officer how long he or she has been working in the field and how long they have been with their current company. If they want your business then they should be more than willing to answer your questions. If they don’t have at least a few years of experience in the industry and/or done at least a few dozen “home purchase” mortgages (NOT home refinances) then you need to keep looking for someone else. Let that person “learn” their craft by messing up someone else’s mortgage. So the moral of the story is… “don’t be the “training” for an unexperienced loan officer”. Another important item to stay conscious of is how easy it is to get ahold of them and how quickly they respond to you or your Realtor’s questions and concerns. If you are unable to get a fast response up-front, you are more than likely not going to get one when you are in the middle of the loan process. “Communication” is truly the key to success in the home buying process, so make sure your mortgage representative does so clearly and quickly.
Nothing hurts more then finding the home of your dreams, to later find out that you simply can’t qualify for it. To avoid a lot of wasted time and emotion meet with a licensed mortgage lender in your area to get pre-approved. Understand that “pre-approval” and “pre-qualification” are two different things. Pre-approval is based upon a thorough review of your credit and income and carries the most weight when it comes time to actually make a formal offer on a property.
Research And Ask About Special Grant Programs That Can Help You With Your Closing Costs
In the last paragraph we recommended to meet with a licensed mortgage lender “IN YOUR AREA” and one of the main reasons for this is that many of the “Grant” programs and “Special Financing” programs are area specific and the lenders themselves are trained locally on what is available in your market. Using an online or out-of-state lender may seem like a good option, until you realize, sometimes when it’s too late, that very few know how home purchases work in Maryland. Refinancing your existing mortgage out-of-state or online may work out fine, but expect issues on an actual purchase especially if you are working with someone you can never see face to face.
ExecuHome Realty works exclusively with various local lenders who have access to special financing programs that are both easy to qualify for, and save you thousands of dollars in closing costs… in some cases you can purchase a home with as little as $1,500. (sometimes even less). CLICK THE LINK ABOVE FOR MORE INFO.
Ask Questions As Needed
As a first-time mortgage applicant, it is crucial that you understand as much as about your application and your mortgage as possible. So whether you’re unsure about closing costs, payment adjustments, the general loan process, how to verify your earnest money deposit or anything else, you need to step up and ask the questions necessary for your clarification. There are absolutely no dumb questions when dealing with the home buying process, it probably the most important and expensive purchase you will ever make. An experienced mortgage professional will be more than willing to answer ALL of your questions and concerns, and in reality they should actually WANT to. Because after responding to all of your questions and clearly explaining how the process works will help ensure that you are a confident and informed borrower, and this should be one of your lenders first goals. You never should have worry about a matter during the home buying process, so ask about something when you are unsure and never assume the answer… 1st time buyers typically assume the worst unnecessarily. Remember, once again, that there are NO dumb questions!
Respond To Inquiries For Information Promptly
During the loan process, your lender will ask you for a lot of specific items. The requests may range from something as simple as your signature on their loan documents or a loan application, or copies of tax returns, pay stubs and other related financial documentation. Sometimes court paperwork may be needed when dealing with divorces and child support payments. The loan process may be on hold until you respond to the lender’s requests for information. Keep in mind that the underwriter will need time to review the items you present, and some items you present may trigger the need for even more documentation after their review. For example, a large deposit on a bank statement, may force the lender to request more information about this. So make absolutely sure that you ACT FAST on any requests your lender makes.
You may be stressed and even fearful about the mere thought of applying for a mortgage, but rest assured that every homeowner in the country was once a first time buyer. Many people successfully navigate through the process with minimal stress or fanfare, and it starts with you and the people you choose to help guide you through this exciting process. ExecuHome Realty wants to be your guide, and we will dedicate ourselves to not only finding you the perfect home, but can also assist on putting the “right” team together for you, to get it done both stress and trouble free.