When it comes to getting a mortgage success is often in the details. By understanding the process and being prepared with the necessary information the chances of getting approved will increase significantly. Here are a few tips to help make this process as smooth as it can be from Joliet Realtor Jeff Gregory.
In the beginning of the process of getting a loan, you will be required to give your contact information, employment history, proof of income, and full financial profile. It is important to give all the necessary information in detail. If anything is incomplete it will likely delay the approval process. This is especially true when it comes to your financial information. If there is incomplete or inaccurate information in the beginning, the whole process will be off.
There are many documents that are required when applying for a mortgage. Tax returns from the past couple of years, pay stubs, asset documentation, and home insurance quotes top the list. Keep in mind that the lender will run your credit report. If they find information that you have not disclosed it can affect the chances of getting approved. To prevent these issues make sure you understand exactly what is being required of you and provide it in full.
Buyers often think that after a lender reviews their financial information and gives a “thumbs up” that they are approved. However, this is only “pre-approval.” In order to be approved for a loan, you need to have a loan commitment in writing that has been approved by an underwriter. This needs to happen before putting in an offer on a home. Trying to move forward before approval can cause unnecessary delays and confusion as well.
Communicating with Your Lender
One last tip to help the loan process go smoother is to communicate well with your lender. For example, when you put in an offer on a home it is important to tell your lender as this will affect the amount of time they have to secure the loan before closing. Rely on your trusted real estate agent to work with the seller’s agent and the lender as well. The stronger lines of communication with your lender the better. Make sure to tell them of any major financial changes, like a job change, as well.
For help buying your next home or to find Joliet IL real estate listings contact Jeff Gregory today!