Complex home loan regulations cause mortgage underwriters to over analyze every detail on your home loan application. As a result, your Arizona mortgage loan officer needs to also serve as your personal “pre-underwriter.” An excellent loan officer knows loan guidelines better than a mortgage underwriter. A loan officer that does is a key in experiencing a smooth mortgage closing!
Listen to Your Loan Officer
That is it! The first step? Select a loan officer you trust and that can guide you through the land of the home loan. Once that is done, the best thing a home buyer can do is listen to their loan officer’s advice. No pressure by the way, but this all rests on your loan officer selecting skills!
Things that create an unpleasant mortgage experience
To sum it up, the thing that most often causes the most unpleasant home loan experiences is Loan Officer negligence. The average consumer has no way of knowing the nuances and requirements involved in getting a home loan. That is a loan officers role period.
Below is an example of a recent client that showcases how much the right loan officer can help avoid disaster. This particular client had 2 main issues:
- An income issue needing unique back up documentation from their employer
- A credit reporting issue
Both these issues presented road blocks to loan approval as well as inconveniences/time delays for the buyer. The buyer put their house hunt on hold based on our advice regarding these two issues. In addition, they had to do extra legwork to get over these 2 hurdles. While less than idea, this proactive and preemptive advice served to pave the way for a smooth and ultimately early VA loan closing. Rather than stressing, fighting and scrambling to address these to issues last minute while under contract on a home we advised/required that they fix them beforehand.
Planning for Unforeseen Delays
In the loan process as in life, there are unknowns. For example, you never know exactly when that letter your lender needs from your employer will arrive. Even if you know when, what if the letter arrives and is missing critical detail that underwriting will require. Creditors, companies, landlords and other entities providing documentation lenders need are unpredictable and often unreliable. Best bet is to play it safe and clear the hurdles that can be seen ahead of time.
By Jeremy House