Many times people come to me saying how they dread the mortgage process. However, there are ways to make it easier.
- Send all required documents as soon as possible. If you are missing a page and think the bank will ignore it, they won’t . Since Federal requirements make all banks completely document everything including the Ability To Repay. Since many loans are audited after the closing, underwriters scour for everything!
- Tell The Truth. If you know there is a skeleton in your closet, tell your loan officer. Banks are required to pull your IRS transcript to make sure it matches the information you’ve submitted, credit reports are pulled again and your employer verifies your job a week before you close. If you have an issue, it’s going to come out so explain it up front. It might not affect your loan, but it will relieve your stress.
- Don’t take on new credit or make major purchases after your approval. Banks do a “soft” credit pull to see if you have any new debt. If you’ve gone crazy at the furniture store or leased a car, those payments have to be put into your loan debt and it could blow up your loan. Wait until after the closing to go on your spending spree!
If you do these three things it will make your process smoother. You might not love it, but it will be over faster!
