NEEDS
Your needs are what’s important to us. That’s why it's necessary to get to know you by asking lots of questions. Oddly enough, many customers are a little reluctant or sometimes embarrassed to tell key factors about their circumstances. Well, underwriters will need the entire story and it is our job to provide it to them. Being thorough up front helps us avoid unpleasant “surprises” throughout the process. So, here's an idea of what we will talk about:
Is this your first mortgage experience? If so, what are your expectations going into the process? We will help you understand the process better and offer help with program selection options.
If you have mortgage experience, we will ask about that experience. What went well and what didn’t? We want to improve the process and make this as pleasant and stress free as possible.
Purchase or Refi? It makes a difference because the loan value is based off the purchase price on a purchase and the appraised value on a refinance. Purchase questions will include information about the purchase price, down payment, closing costs and if the seller will be helping with closing costs. Refinance questions will cover current value of the property, condition of the property and any existing mortgages or loans against the equity of the property, like 2nd mortgages or lines of credit.
We’ll talk quite a bit about credit. Typically, we’ll need to pull your credit report as reported by all three credit bureaus and review the accounts and history. Your credit scores will be a major factor in your ability to qualify for financing and at what risk level as determined by the lending industry.
Finally, we’ll review your ability to pay for your loan. This will be determined by reviewing income sources and amounts, as well as looking at the relationship of your debt payments to income.
As you can see, communication will be key throughout this process.
PS - It also is important for you to know that we hold your information in confidence. While we are not affiliated with companies that will sell or market your information to other sources, it is possible that the credit bureau inquires will be marketed and you will get sales calls as a result.
