What to Discuss With Your Mortgage Lender

You're ready to buy or refinance – but whether this is your first or fourth loan – you may find that working with a loan officer to be confusing and difficult. Having a clear understanding of what you want and how to communicate with your mortgage professional is critical for success. To keep everything running smoothly – make sure you discuss the following topics with your loan officer. 1 - Communication Style. Mortgage professionals will communicate with you in a variety of ways including by phone, email and text. Some are tech savvy and others prefer traditional methods. The point is to be clear about what YOU prefer. If you respond more quickly to text messages versus voicemail - tell your loan officer. Often times, there are time sensitive issues that arise during the loan process, so it will make everyone happy if your loan officer knows how to get questions answered, additional documentation etc. in a timely manner. 2 - Timeline & Priority Level. Mortgage loans are a process and the process is changing almost on a daily basis. This means that you need ask your loan officer about expected timelines and be clear about any time restraints you have. Your mortgage professional wants to get your loan secured and completed as soon as possible but the key word here is "possible." Don't make unrealistic demands or expectations. Try to provide information right away so you can stay on schedule. Your loan officer will give your file top priority and it is essential that you do the same. And while it might seem obvious - keep your loan officer in the loop when it comes to going on vacation and delays on your end. You will need to be able to electronically sign disclosures, provide scans of income verification and tax returns and physically present to sign contracts throughout your loan process so if you are unable to fulfill these requirements, it can jeopardize your application. 3 - Be Upfront About Unusual Circumstances. One of the quickest ways to get declined for a mortgage is to not tell your mortgage professional about an unusual circumstance in your file. This can include: A pending divorce A short sale, foreclosure or bankruptcy Unreliable working hours or income restraints Other rental properties Anything that seems unique or unusual! Understand that it is ALWAYS better for you to tell your loan officer upfront about unusual circumstances than for them to "discover" it later. If you are unsure where there is something unique about your financial profile - talk to your mortgage professional to see if it will impact your application. 4 - Short-term & Long-term Goals. Is this the home you plan on living in for a few years or a few decades? Do you plan on turning this home into a rental eventually? Is your goal to pay off your mortgage quickly? Understanding your short and long term plans can help tailor the loan programs and rates that your loan officer presents to you. A qualified mortgage professional cares about how this loan will fit into your financial goals and can help position you to achieve those plans faster. Let their expertise help you! Contact Steve Head today, President and Top Producer of Texas Premier Mortgage. You can email him at steve@txpremiermortgage.com with any questions you may have about the lending process.

Be Informed When Shopping For Mortgage Rates

Mortgage Rates Change All Day, Every Day Mortgage bond prices, similar to stock prices, are random. They can't be predicted with any sort of certainty, and they change from minute-to-minute. Facts like this are big deal to people like you and me because mortgage bonds are the basis of everyday mortgage rates. Mortgage rates are in constant flux. As a real-life illustration, mortgage rates changed every few hours. That's fast. It makes life tough for people looking to shop for the lowest mortgage rates possible. Shopping Rates? It's Better To Be Lucky Than Smart. Shopping lenders is always a good idea. You never know which bank will have the lowest rates, or lowest fees, or widest selection of programs. But, when it comes to physically lock your rate; to find the best possible mortgage rate that you can with the lowest set of closing costs, you're going to need more than just "good shopping skills". You're going to need good luck. Mortgage rates can change at any time, and often do. While you're shopping for a loan, for example, rates could be rising. And not just by an eighth-percent here and there. I'm talking big jumps. There have also been days when rates have dropped by as much. Some days, mortgage rates happen to rise. Some days, mortgage rates happen to fall, and some days, mortgage rates do nothing. And then, there are the days when mortgage rates do all three. Want Good Mortgage Rate Luck? Do Good Research. Since you can't shop for good luck in mortgages, you can at least shop for good information. Talk with multiple loan officers well before you have a need to lock-in, and gather as much data as possible -- about yourself, about your home, and the process, and about the mortgage market drivers. Then, after having these conversations, two things will happen. First, you'll get a very close approximation of your final closing costs and rates. This is important for comparison's sake. You need to know which lender is consistently in the ballgame, and which lender never is. Second, you'll get a feel for the loan officers to whom you're talking. Who's a professional, who's a hack, and who fails to return a phone call. Then, when it is time to lock-in, you won't have to screw around with the shopping process. You'll already know your "A List" of lenders and can choose the one that gives the best combination of rates and fees at that given moment. Just make sure, though, that when you shop for rates, you do it the right way. Let your lender pull your credit. It's not going to harm your score and your lenders need to know this stuff. Now... Go Get Your Rate Quotes! If you're in the market for a mortgage, or know you'll need one soon, start your shopping here. Get a rate quote based on your parameters, and follow-up for more information. Oh, and do it with some other lenders, too. The trick to getting low mortgage rates is to do a fair amount of research, to pick a "good" lender, and to have a little luck.