This fall could be a great time to purchase a home or refinance an existing mortgage. Before you do, here are the most common pain points when applying for a mortgage, and how to avoid them.
The most common complaints from consumers when applying for a mortgage include:
Poor Communication: we strive to communicate via email, phone and text throughout the process to keep both clients and agents informed about the status of your loan, and to answer any questions. Be sure to read and respond quickly to all communications from your loan officer or processor.
Too many documents requested, multiple times: Regulations that protect both consumers and lenders require intensive documentation of income, assets, and credit. Certain documentation may need to be updated before closing. We do our best to keep the process simple and painless, and to limit multiple requests for paperwork. You can help by responding quickly to requests for documentation.
Length of process: There are many steps to purchasing a home, and our goal is to meet commitment dates and close on time. When issues do arise, communication is key, and we will do our best to keep you informed and work with you to ensure a smooth closing.
To see how much you qualify for before shopping for a home, or to see if you can lower your existing rate, be sure to give us a call. We will do all that we can to make the process as painless as possible.