Causes for Delays in the Mortgage Process
“We are clear to close”, words every homebuyer longs to hear from their mortgage banker. Well, if that is the finish line, so to speak, and we know how the race starts; then what keeps what should be a 5k from turning into a marathon? Some factors of course, are beyond our control (those are the most frustrating) but there are things as home buyers that we can do to delay the mortgage process. This is obviously counterproductive so being aware of them upfront is going to set us up for success!
What makes up a Mortgage Banker?
Not to worry, this isn’t an anatomy conversation nor is it a list of licensing requirements and continuing education classes. Instead we are going to consider what qualities make up a mortgage banker so you know what to look for when you are considering purchasing a home.
Unlike the scare crow in Wizard of Oz, mortgage bankers could not even get through a morning without a brain. A mortgage banker must know all the requirements of different loan options to determine the best fit for you. Not only do they know what loan products are available and the basic requirements of each but they can talk you through the mortgage process and advise you on what road blocks potentially lies ahead. What does this mean for you? Well, you would want to consider the reputation of that mortgage banker and the company they represent. For example, Stockton Mortgage has been in business for 16 years and in that relatively short time, they have been successful enough to grow from 9 employees to well over 100 and reaching into several states.
Transition from Renter to Owner
If you are currently renting an apartment or a home then you are aware of the increasing rental costs. According to a Dan Anthony Barcelon, Americans spend 30% of their monthly income on rent while those who live in their own home, spend an average of 15% on mortgages. Many of us plan to own a home at some point in time but deciding when to make that move, that’s the tricky part!
The Mortgage Process
I’ve been writing about mortgages for the last six months but having just lived the mortgage process in selling and purchasing a home I quickly realized that all my research didn’t make me an expert by any means. What does this mean for you and your situation? Finding a mortgage banker, who you can trust and that communicates well is paramount in your emotional stability and confidence throughout the process. I’ll talk you through my experience a bit and make sure we have all the steps covered—do this with your mortgage banker too. The more informed you are the better you will feel about making such a huge purchase.
What if I can’t find a house I like?
You’ve decided that it is time to buy a home. You have spoken with a lender to figure out what you can afford. You have saved the amount needed for the down payment on that amount. You have day dreamed about your home—its bedrooms, outdoor space, layout, fireplace, pool access… and now you have a list of items that you will need in your new home. So, what happens when you start looking and you don’t find a home that has all the things you need?
Documents Needed for a Mortgage
I’m sure you can imagine that when it comes to buying a home there is a lot involved—after all a home is likely the biggest purchase of your life. You’ve found that house, you’ve been prequalified by your lender and everything is in motion so all you have to do is sit back and let it happen, right? Wrong, you are still very much involved in the process.
What should I wear to get a mortgage?
I’m sure you’ve all heard, dress for the job you want. The same can be true in many avenues of life—if you want to be perceived as a laid back, nature lover—shop North face or Patagonia. A fashionista—you better be checking those fashion bloggers out and reading the latest fashion magazines to keep up. But what if you want to be a homeowner? How do you dress for that role? Well good thing you have me! I’m here to tell you how a variety of styles will affect your ability to get a mortgage.
Popular Home Design Styles
As you drive through neighborhoods you can likely recognize different home designs. Whether it be from watching HGTV specials or playing the Board Game of Life as a kid; there are some iconic styles that are easy to spot. But when it comes down to it, could you explain what it is that makes a home a Cape Cod or a Tudor? Yep, me neither! Let’s look at what makes each style unique:
Are Millennials Mainstream?
Maybe it’s time we stop picturing millennials as skinny jean wearing, mustache toting hipsters…. Okay maybe they do wear skinny jeans and keep a pretty good looking stache but according to a study done by the National Association of Realtors, in 2017 millennials were the largest group of homebuyers for the 4th consecutive year. And they aren’t just buying up the hip downtown lofts or the bungalows in the center of the city—nope, they are moving out to the suburbs!