In this article, we would be talking about the 5 things your mortgage broker wishes you knew. Every day, hopeful buyers sit down with a mortgage broker in the hope of not only getting financing for the home they want to buy, they expect a quick consent, and sometimes they hope to sign the final documents in a few days later and walk away happily with the keys in their hands. Unfortunately, this is almost never the case. A mortgage would wish you know the following before applying to buy your home.
Contact a mortgage broker
Before doing anything else, you should contact a mortgage broker. A mortgage broker will do much more than just apply for a loan; he can be useful in guiding and advising you throughout the property purchase experience. The broker can also be very helpful with good advice and he can become a true friend who needs to get him out of that water without losing or wasting money.
Having a Team
A broker would wish you have a housing inspector as well as a lawyer as part of your team before approaching the mortgage broker. You may not feel the need so early in the game, but as closing time approaches, you will probably need all of these people to make sure everything works as planned. That would include getting what you think you are doing and not buying anything that you did not expect to have to buy. A house can look good on the outside but might have some faults which you might not be aware of. How do you know if you have termites, a defective roof, obsolete and inadequate wiring? These and many other calamities can happen to a homeowner who is not properly prepared and protected.
Many do not understand how the initial payments work. That money you have in the bank, if it is not yours, but a loan from a friend or another person, the insurer will know and shake his head. You are simply not allowed to borrow anyone’s initial payment. If you have money in the form of a gift that does not have to be returned, it is vital to have a written documentation of this.
Keep Your Mortgage Broker Aware
You should always keep your mortgage broker aware of the events as they occur. Many begin work and then forget to keep in touch with their mortgage broker until they receive a call. The opposite is true. You must keep the mortgage broker informed and make sure you present all the documentation you can, the more the better. You should always ask your mortgage broker before not after doing something during this process. A false move can have a negative consequence on the whole loan process. Your mortgage broker knows the law and the details of the process. It can help you more by keeping you informed about any and all that may have some relation to your financial situation.
An important point to remember is that once you have started this mortgage business, it is important not to make major changes or make purchases without, at least, first speaking with your mortgage broker. Most likely, they ask you to wait. The main financial upheavals at this time, including the purchase for example of a new car, could seriously delay the long-awaited closure. A bank may decide to suddenly reject the application. Do not make them nervous. Only after closing and having the keys to your new home, can you go with confidence and start making new purchases, be it furniture, transportation or even a cruise to the Bahamas.
Recent Salary Receipts
Because many lenders will require recent salary receipts, it is important to keep them and keep them together and within reach. Lacking this, it could delay the entire closure. And aside, never think for a moment that you can hide any financial information from the bank. Many lenders talk to your employer, and if they hear the slightest discrepancy between what your employer said and what you said, they can summarily decline the loan.
The end result here is not to change anything from the moment you start with your mortgage broker and never change jobs during this period. You cannot even notify your employer at this time without endangering the entire process of buying a home. I hope this few points have enlightened you about the things your mortgage broker wishes you knew, good luck with getting your dream home.