How You Can Ensure the Success of Your Mortgage Broker to Ensure the Success of Your Closing:
Things Your Mortgage Broker Really Wants you to Know
While we don’t want to put on the brakes on all the fun you are having searching for your new home, we do want you to take a breather for a second and consider the part of this process that, while somewhat tedious and seemingly overwhelming, is necessary to your success in finding and getting your new home: the financial elements. (Cue: collective sigh)
Numbers, paperwork, and financial buzz words like interest, taxes and insurance may make you a bit uncomfortable, particularly if you are not readily familiar with them, but when you put your trust in an experienced mortgage broker, this part of the home buying process can seem more like a walk in the park than a crawl through the dark.
Working in tandem with your mortgage broker does require your time and attention, but with a proven and solid mortgage broker, it doesn’t have to be the nightmare you think it will be, especially if you stick to the game plan:
- Call your mortgage broker immediately. Her job is not to simply find you a loan but also guide you through the home-buying process.
- Familiarize yourself with the rules related to down payments. Your mortgage broker can determine the best – and legal! – way to make that down payment. For example, if you are using gift money to make that payment, you have to make sure everything is thoroughly documented. Keep everything well-documented and above board to avoid any issues.
- Remember that your mortgage broker is on YOUR team, so keep in constant communication with her. Share any and all documentation with her and keep her aware of any credit problems you might have. While she is there to help you, you can help her by having all of your necessary papers in order and at the ready.
- Stay the course. This is not the time to do something outside of the ordinary. In other words, avoid any new major purchases or any large expenses. That new furniture, new car or any other lofty purchases can – and should – wait until after you close on your home. You just don’t want to put your loan at risk. Even if you are offered a new job, work to put that off until after you close. Even though it may be tempting to go off the rails for something like this, keep your focus on the road ahead. There will be a time and a place to incorporate these changes into your life after you move into your home! Avoid sudden changes in your financial life to avoid potentially pushing back your closing date. This is when patience truly is a virtue.