Don’t be afraid to ask your lender questions! How long have you been doing home loans? How long have you been working for your company? How many of your loans did not close in the last year? How many days do you need to close a loan from contract date?
Getting full loan approval is more difficult now that it has never been. So, a great lender is looking to guide you through the loan process in a smooth manner. A great lender usually asks for required documents needed for the loan, so that the documents can be reviewed sooner rather than later. Likely if there are problems with any documents, the lender can put together a plan to resolve the problem before you are under contract. If your lender is not asking needed documents, it may be a sign that you are working with the wrong loan officer.
During the escrow period, the number one thing for a lender to do is over communicate and be proactive in solving any issues. The lender should never keep you guessing about problems that may occur with your home purchase. Remember: costs of inspections and appraisal may be upwards of $1000 and you are going to be in the process of packing up to make the move. If your loan officer cannot complete the mortgage, then you are out money and do not get to move into your new place.
Do you need a great lender or do you have more questions about getting started on a home purchase? Contact us at (602) 753-0177 or www.ThompsonGroupAZ.com.