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Working With Home Lenders

Mortgage
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Once you decide which mortgage company to use for your home purchase loan, the real task can begin. Working with home lenders can be a more tedious process than trying to locate the right company. By following a few simple tips, you can build a solid relationship with your lender and have a positive borrowing experience.

Anticipate their needs

Home lenders may have dozens of active mortgage files at any one time. This means that they have a limited amount of time to spend on each file in any given day. If they learn they need additional information from a borrower, all they can do is request the information and move to the next file, stalling your process. Although you may not be a mortgage expert, you can anticipate what information your representative needs and have it ready before they ask.

Consider the basic elements of the mortgage that home lenders might request from you. For most mortgages, an underwriter will require a way to verify your stated income is correct. Creating a file of paystubs, investment income statements, W-2s and recent tax returns will ensure you don’t spend days hunting for the information while your loan status remains unchanged. If you’re purchasing a new home, don’t forget that your lender needs the finalized contract for the loan file.

Respect their time

Your mortgage representative might have a winning personality and a willingness to chat about your kids at the beginning of every phone conversation, but home lenders do not have unlimited time to work with each borrower. While you should keep your conversations pleasant in tone, always get to the point when you call with a question or information. Even when your lender is more than willing to take extra time with you, showing you value their time will earn their respect. In some cases, that mutual respect can make a lending representative more likely to expedite your mortgage.

Avoid Complaining

Unless your lending company is a very small local organization, home lenders rarely have complete control over every aspect of your mortgage. When your mortgage representative calls for additional information or needs more documentation, the request is not meant to inconvenience you. Most likely, an underwriter just reviewed the file and determined they needed extra information to make an approval decision.

Although your lender will never chastise you for it, many representatives dislike talking to individuals who blame them for things beyond their control. Failure to heed this advice will not destroy your chances to get a mortgage, but it will give home lenders reason to pause before returning your calls.

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