Depth in Details: 7 Things You Can Do for Smooth Mortgage Journey
A home mortgage loan does not come together willy-nilly.
There have always been some level of policy and procedure, especially in the more recent history of mortgage lending.
Not every mortgage journey is a wild roller coaster ride. Some are a calm, smooth, uneventful stroll through the park.
We’ve helped over 1,000 customers with their mortgages…and we can pretty much guarantee what type of journey each customer is headed towards from one simple clue.
It has nothing to do with their loan amount, their physical location, or even if they’ve had any experience with buying a home before.
The number one thing that clues us in…. The details.
More specifically how well a homebuyer manages their details along the way.
From the steps we take to fully understand your financial situation – all the way to you getting your new home, there are lots of little ol’ details that will help make your mortgage journey a cakewalk instead of an uphill climb .
There is depth in the details.
Envision your dream home for a moment.
Now picture you’re presented with the opportunity to buy your dream home.
How do you feel when you think about the mortgage journey for your dream home?
Are you excited and ready to go, no sweat?
Or does the overwhelm have you reaching for a brown paper bag to breathe into?
We’re here for you, every step of the way! And you don’t have to “be ready” before you begin. You do have to be willing to figure it out along the way, though.
If you’re looking for the least bumpy road to home ownership, there’s a very helpful list below that you might want to bookmark.
7 small but powerful details to make your mortgage journey seamless:
Data Management:
When you go to get pre-approved for a home mortgage loan. We’re going to ask for a lot of documents. The journey goes easiest for you when you’re able to provide all requested documents promptly and ensure they are showing current & accurate info…
Here are boilerplate documents any lender would need for an application:
W2s
Pay stubs
Bank/asset statements (and CashApp/Venmo statements)
Gov’t Issued Photo ID
Unreported Debt Obligations (not on credit)
Tax Returns (self-employed or non-W2 income)
Divorce Decree or Separation Agreement
Child Support Documents
Depending on your financial situation and which type of loan best fits you, other documents can be required as well.
Even minor errors or missing information can cause delays in the approval process.
Can we work through any delays? Absolutely.
Do we want you to have the smoothest process possible? Also yes.
2. Timely Responses:
Verification loops are the worst, aren’t they?
It’s like when you’re trying to leave for work but keep thinking of things you left in the house. Back in you go for the keys, your lunch, or your emotional support water bottle.
It doesn’t take much and all of a sudden, you’re late for work.
Every verification issue causes a little hiccup in the process, and if you’re not prepared, they add up fast.
Same with your mortgage journey.
Sometimes things come up and we have questions on something. It’s always best to respond promptly to requests for additional information or clarification from your lender.
Questions and verification are inevitable, but the quicker they’re resolved, the better.
3. Keep Credit Stable:
Love it or hate it - your credit profile is a real part of the mortgage approval process. Unless you’re actively trying to improve your score based on guidance from your licensed & trusted mortgage professional – avoid making significant changes to your credit profile.
ESPECIALLY, steer clear of opening new credit accounts or maxing out existing credit lines, as this can negatively impact your credit score and loan approval.
Bonus: make sure to keep up with any monthly payments during this process (and always, really). Missed payments show up on your credit report and will often be flagged by underwriting.
4. Stay Informed:
You deserve a mortgage you understand, are comfortable with, and can afford. Each of these elements begin with being INFORMED!
Educate yourself about the mortgage process, but mostly please ask questions if you don't understand something. We expect you to ask questions!
We live and breathe mortgages. We don’t know what you don’t know (yet!). So we trust that you’ll tell us where you need additional clarification.
Being informed can help you make better decisions and navigate the process more smoothly.
Guiding and teaching you the process is kinda our thing. We love helping people feel confident throughout their mortgage journey.
5. Communicate Changes:
Just like responding to any question your lender has, let them know about any changes to your financial or personal situation ASAP (before it happens is great).
A change in employment status, income, or even if your long lost sister you never knew you had drops in and needs a place to stay.
All of these can affect your loan application. We’d rather know a detail than not know it, ya know?
6. Follow Instructions Carefully:
Pay close attention to instructions provided by your lender and follow them carefully.
Your lender is rooting for you and should give you clear instructions.
If we seem persistent, that means we care about you having a great buying experience.
Your mortgage lender should give you instructions regarding:
Submitting required documentation
When to review and sign documents
When to pay off debts and when NOT to pay off debts
And other arrangements you need to have set in place for a smooth home buying journey
7. Stay Patient:
A mortgage doesn’t come together willy-nilly, and it DEFINITELY doesn’t come together overnight.
We typically see mortgages come together in 30-45 days. Understand that the mortgage process can take time, and there may be delays or unexpected challenges along the way.
Stay patient and trust that your lender is working to ensure a smooth and successful outcome for you.
When in doubt - check in with your lender. It’s what we’re here for!!
8. [BONUS] Partner with Trusted Professionals:
If you’re being a homebuying rock-star and diving into the details to do your best to ensure a smoothing home buying journey… make sure you partner with a trusted local & licensed mortgage professional that ALSO prioritizes communication and who isn’t afraid of the details.
Detailed communication is the number one strategy for faster approval and overall calm seas in your home buying experience.
A trusted professional will communicate with you and encourage you to communicate with them.
They can guide you through the process while educating you simultaneously.
They should want to dive deep into your financial situation (getting all them deets) to figure the best possible solution for you.
In the world of mortgage processing,
attention to detail is essential for success.
By embracing the depth in the details we can provide a seamless experience for homebuyers.
Likewise, homebuyers can contribute to a smooth transaction by organizing their finances, communicating openly, and staying informed about the process.
With these strategies in place, achieving homeownership goals becomes not just a possibility but a reality well within reach.
Partner with a trusted, local & licensed home loan professional to get your detailed ducks in a row, and contact us today.