The mortgage process can be confusing for new homeowners to navigate, but it doesn’t need to be intimidating. With a First Option Mortgage professional on your side, you will have help every step of the way.
Whether you are just thinking about buying a new home or actively searching, we are here to help you along the home buying journey. This post will go over some tips to help you avoid some common mortgage mistakes. These tips will save you time, stress, and potential heartache as you go through the home buying process. If you keep them in mind, you’ll be better positioned to get a home mortgage loan and purchase your new home quickly.
Tips to Avoid Common Mortgage Mistakes
Have Your Finances in Order
Make sure your documents are complete and accurate so your loan team can have everything they need to serve you. Typical paperwork includes:
- Loan application
- Financial verification documents: W2, pay stubs, tax returns, alimony, or child support documents
- Assets and debts documentation: bank statements, investment accounts, credit report
Respond As Fast As You Can
Be as responsive as you can with your loan team. If you can respond in 24 hours or less, your loan team will be able to move forward faster and close your loan quicker. The longer you wait, the longer your team has to wait to get to work.
Keep Your Current Employment During the Loan Process
Many people make career changes throughout their lives, and if you’re planning on making one, then you’re better off waiting until the loan has closed. Your job and the money you get from it play a huge role in the loan process. If you change your job, especially during loan approval and closing, then your loan’s closing timeline can be affected and impact your ability to close. However, keeping your current job may be out of your hands. If this is the case for you, notify your loan team about any employment changes right away.
Ask Questions
This might be the most important tip out of all of them. As you go through the mortgage process, your loan originator will do their best to make everything as clear as they can for you. They should make you comfortable about your loan and fully inform you about the loan process. However, if you ever get to a point where you are unsure of something or think something isn’t as clear as it should be, don’t be afraid to ask questions. At First Option Mortgage of Indianapolis, we’re here to help you and answer any questions you may have.
