First-Time Home Buyer Mortgage Fears
There seems to be an understanding that buying a home is a painful experience. Every time I hear this, the first question I ask is “why?” Don’t get me wrong, I understand that it’s a big decision, probably one of the most important decisions you will ever make in your life, but why is there so much fear when there doesn’t have to be? Working with experienced, knowledgeable professionals can be the difference between having a positive home buying experience vs. never wanting to apply for a mortgage again. This is where I come into the picture.
Since joining the industry in 2003, I’ve encountered just about every scenario you can imagine. A bulk of my experience is in underwriting, i.e. the guy that approves or denies the loan. Throughout my career, my authority levels made me responsible for reviewing and making decisions on the most complex transactions in the industry. What I have found is that a lot of the obstacles that come up in the process could have easily been avoided if the Mortgage Banker asked the right questions from day one. Countless times I’ve asked a Mortgage Banker questions about a transaction and received the answer, “I don’t know,” or “I didn’t ask that” or “I can’t go back and ask for that.” Understanding the main goal of the transaction is to get the loan approved for the customer, I’d do whatever it took to get the loan approved, but the simple fact is that all of it could have been avoided.
The best way to dodge these obstacles is to avoid a Mortgage Banker who is known as an “App Taker.” All an “App Taker” does is get you to submit an application and then passes you off on to someone else. The outcome in these scenarios typically result in you being contacted numerous times with questions, multiple documentation requests, missing your closing dates, and potentially leading the seller to withdraw their acceptance of your offer as you did not meet the requirements of the sales contract.
I am here to tell you I am the furthest thing from an “App Taker.” From the beginning, I will ask the pertinent questions to get a thorough understanding of your specific transaction. From that initial conversation, I will advise of the documents you will need to supply, take you through the steps from beginning to end, and set realistic expectations along the way. I make sure to stay in personal contact with not only my clients, but also with the other parties involved in the transaction.
I once heard a stat that after the third time you go back to a client requesting documentation is when they begin to have a negative experience of the transaction. I couldn’t agree more. The last thing a client wants is to constantly be interrupted by a Mortgage Banker asking for information that should have been requested immediately.
Whether you’re a first-time home buyer, a repeat buyer, looking to refinance, or just have questions, I am here to make sure you will have the best experience possible during the transaction. The knowledge and expertise I have from my years of experience as an underwriter is hard to find. Contact me for mortgage advice or pre-approval help, and end your transaction with, “Wow, that wasn’t bad at all!”