GREAT WESTERN BANK: Dos and Don’ts for A Smooth Mortgage Loan Process
Great Western Bank issued the following announcement on March 11.
Now that you have decided to obtain financing for a mortgage loan, there are a few things to consider. Every borrower wants their mortgage loan experience to be simple and stress free. It may not always feel like this is the case with the endless amount of detailed documentation that is being asked of you to provide, but believe it or not, your lender wants the same outcome.
In order to close your loan quick, for everyone to sleep at night, and to provide the best service possible we suggest following this list of Dos and Don’ts:
Do: Promptly provide all documents requested by your loan officer and processor to speed up your loan being approved.
Don’t: Leave out pertinent details on your loan application, such as recently filed tax liens, unpaid child support, a pending lawsuit or a work layoff.
Do: Ask your loan officer plenty of questions and be a good listener.
Don’t: Think that any question is a “dumb” question. Our job is to keep you informed of the entire loan process and we are happy to help.
Do: Keep your assets as stable as possible during the origination process and discuss changes with your Mortgage Loan Officer to proactively address any issues. Moving money between accounts can create the need for additional documentation.
Don’t: Apply for new debt (like credit cards or buying a new car) without consulting with your Mortgage Loan Originator first. Taking on additional debt could change your ability to qualify for the loan or affect the terms that can be offered. Your credit is consistently monitored throughout the mortgage loan process.
Do: Make sure you connect with your Mortgage Loan Originator before taking any extended trips or extended periods of being otherwise unavailable. Additional documentation may be needed for the approval of your loan and could delay closing.
Don’t: Forget to connect with your homeowners’ insurance agent early in the process. Often this is one of the last things on a homebuyer’s mind but we need to know who your agent is at least a week before we can close your loan.
Do: Ask your mortgage loan officer for a Loan Estimate and discuss the terms and conditions of your loan.
Don’t: Rely on vague statements such as “Don’t worry about the new loan size” or “I’ll get you a great rate”
Lastly, the most important thing to remember is to keep your mortgage loan officer well informed of any changes or circumstances so we can ensure they won’t affect your ability to get a home loan. Transparency is always a good practice to follow.
Apply for a Mortgage Loan Online or find a Mortgage Loan Officer near you.
Original source: https://www.greatwesternbank.com/blog/2019/03/dos-and-donts-of-mortgage-loans/