Senior Loan Officer
A question people often ask is “how are you doing?” One answer to describe it all is “unbelievable.” Whether you’re having a great day or a bad one, this one word can go either way…positive or negative… and the person I’m speaking with will likely never know which way I’m leaning. It’s likely they will think it a positive comment, so that’s a good thing. Stick with me and I’ll explain.
For a homeowner, besides the normal daily living expenses, there can be added child care costs, education costs, health-care issues, a car that needs repair, a new roof, the list can go on. For many, sacrifices must be made, adding to the stress.
Here is where the “stick with me” comes in. You call a lender to find out what you can afford to purchase or possibly what it would take to refinance a home you already own. It’s so important that you find a lender you can trust, a lender with a proven history and a team of experts who will ask the right questions, find out all the facts, and then determine what the most appropriate options would be. Every situation is different, so you want a very good listener.
There is a lot of work to be done by all involved. The mortgage process, no matter how many times you’ve done it, will take cooperation from all involved. By having a lender who will carefully prepare the client at the very beginning, walking them through each step of the process and keeping them updated along the way, frustration and disappointments can often be substantially reduced and even eliminated while at the same time offering the best options to suit your personal needs and goals.
Your lender should be your partner…part of your team, working with you to accomplish both your long term and short term goals. Your lender should not give you legal or tax advice, but they can provide you with ideas in working toward purchasing your first home or streamlining your finances with your existing home or homes. Interest rates are an important factor in mortgage financing or refinancing, but just as important is to feel confident that you are being given options and understand the requirements of the lender.
It can be painful to be told you need more income, less debt, more money or to start paying your bills on time.
Whether you are trying to purchase or trying to refinance, the lender is offering suggestions because they want to assist you. For those who have the income, low debt, a nest egg, and good credit, there remains the issue of documentation. Trust me, a good lender will ask for what is needed up front to ensure a smooth mortgage process.
Another piece of a mortgage is the appraisal. While it’s the professional opinion of an appraiser that becomes a report for the lender’s use, it’s an extremely important piece, not only for the opinion of the property’s value but also the details of the property, which is the collateral for the mortgage. The report provides a “fair market value” and your lender will explain how it works and what they look for.
It’s not our place, as your lender, to tell you how to live your life but to work with you based on the information you provide to us, the documentation that is carried through the entire process. This may mean that sacrifices must be made. Whether it be not eating out as often, taking a vacation once instead of three times a year, or forcing ourselves to put some cash aside for a “rainy day,” your lender will be able to offer valuable ideas. Preparation is key and in the end, hopefully, you will be grateful to your lender for working closely with you and becoming part of your “team.” Like any team member, they are on your side and making every effort to achieve a successful outcome.