Five Tips To Make Your Mortgage Process Go Smoothly
When you decide to buy a house, the real job begins! The mortgage process has six distinct phases: pre-approval, house searching, mortgage application, loan processing, underwriting, and closing.
However, these processes can take a long time if you don’t have your ducks in a row. So, once you find your dream home, planning ahead of time with all the necessary information can really help avoid roadblocks and delays.
As a mortgage expert at MORTGAGEGIRL BC – JACKIE WOODWARD, I’ve compiled a list of five tips to help speed up the home mortgage application process. Keep reading to know them!
Tip #1: Answer all of the questions asked
Mortgage lenders assess their risk and collect documentation that the borrower can and will repay the loan on time during the application procedure. This evidence includes anything from your credit score to your income and repayment history.
You may be asked to answer difficult, personal, and seemingly insignificant financial questions as part of your application. Being prepared and answering all of the questions asked is the quickest thing you can do.
Tip #2: Provide all of the correct paperwork quickly
There are quite a few documents involved in the mortgage process, and it can take quite a bit of time to track down all these documents. Getting started with gathering it all as early as possible can help it feel like less of a scramble when the time comes. It may even be in your best interest to gather all of the necessary paperwork before you even submit your initial mortgage application. That way, you know you’ll be ready.
Tip #3: Sign back paperwork quickly
Prepare to sign a large stack of documents (at the lawyer’s office)! Some documents are required to complete the transaction between you and the lender. This paperwork will be sent to you from our secure portal called Hurricane and completed electronically. Other documents complete the transaction between you and the seller. However, ensure that you read all the paperwork. If you have questions, please call us!
Tip #4: Ask lots of questions
Always ask questions of your potential mortgage lender before you commit to a loan. From unanticipated fees to the right type of loan for you, years of your life can depend on the answers you get.
Tip #5: Have your realtor and lawyer in place, and if not, ask for referrals
Your realtor will help you find the perfect home for your needs, can offer information about the area the home is located in, such as school zones, market appeal, etc., and they will help you to negotiate the contract. Realtors can also assist you with finding inspectors and ordering any inspections you may want to have done on the property.
A lawyer provides legal representation and will be there on closing day to conduct the closing and go over all documents. They also conduct title searches on the home being purchased and can negotiate should a search uncover a problem.
For more tips to make your mortgage process go smoothly, reach out to MORTGAGEGIRL BC – JACKIE WOODWARD. I have been working in the financial industry for over forty years with a number of different financial institutions. I will work for you and make sure the mortgage you get is best suited to your unique finances.
I offer services like first-time home buyer mortgage, home purchase mortgage, mortgage pre-approval, divorce mortgage buyout, new to Canada mortgage, purchase plus improvements mortgage, mortgage renewal, refinance mortgage, home equity line of credit (HELOC), second mortgages, etc.
I offer my services to clients across Maple Ridge, Abbotsford, Chilliwack, Mission, Langley, Hope, and the surrounding areas.
To learn more about the mortgage services I offer, please click here. To get in touch with me, please click here.