Are you looking for ways to simplify and reduce the stress of the home loan process? Check out these tips to help you do just that!
Disclose All Assets: Loan officers regularly run into situations where a little extra verified funds can make the difference in a loan approval. When applying for a loan, borrowers sometimes forget equity in assets such as vested interest in retirement plans, automobiles or other real estate that may help to approve a borrower.
Another “big” issue loan officers face is timeliness of response for documents. It’s imperative borrowers realize returning requested documentation immediately is integral in a successful and stress free transaction, especially with the mandated time frames for review.
Verify Funds: Funds used to close, including cash, will need to be seasoned, verified or tracked to be utilized in the home-buying process.
Closing Times: Real estate agents, lenders and other service providers are faced with quick closing times on a regular basis. And while sometimes this is unavoidable, all parties should understand the potential pitfalls that can result. In many cases, problems can be avoided if all parties had a slightly longer closing time frame. Items to consider when determining a closing time:
- Sellers and buyers scheduled time frames regarding things such as: scheduling moving companies, closing on other homes, weather delays, utility transfers, holidays and others.
- Documentation, contractual obligations, and negotiations when inspection and repairs are required. Weather delays may significantly impact a closing date while waiting for work to be completed on or around the exterior of a home.
- New rules that allow additional time for review of initial disclosures, estimates, closing costs and closing statement review.
Although there are legitimate reasons for an expedited closing date, giving all parties the time they need to successfully complete their responsibilities, will help avoid unnecessary stress on buyers and sellers.
Servicing Your Loan: When you get a mortgage, you may think the lender will hold and service your loan until you pay it off or sell your home. That’s often not the case. In today’s market, loans and the rights to service them often are bought and sold. In many cases, the company that you send your payment to is not the company that owns your loan. So it’s important to know who may ultimately service your mortgage, upfront, in the mortgage process. At Arvest Bank we service 99% of our mortgage loans so what starts here, stays here.
All parties involved in a real estate transaction, if informed and understand these issues, can bring tremendous value and provide a stress-free customer experience. It reminds me of a couple things my grandmother use to say, when quality is important or I was faced with an important task – “Haste makes waste,” and, “A job worth doing, is worth doing right.” Words to live by!