From Contract to Close: Ease the Bumps in Lending

Financing

Buying a home often involves exciting and hopeful experiences, but no one likes that (generally 30-day) period from contract to close – acquiring a mortgage.  The minute we hear from the lender, “We’ll need this, and this, and this, and …” we dream even more fervently we won the lottery and could buy the house all in cash – that’s how unpleasant it can be to get a loan, no matter how high one’s credit score, no matter how plump one’s bank account, and no matter how long you’ve earned that well-deserved salary.

What can you do to make this experience as stress-free as possible?

Here are some helpful tips:

ONCE YOU HAVE A CONTRACT require your lender to provide you their “complete checklist” of documents to process your loan (and confirm receipt of that email when you receive it).

PUT EVERYTHING IN WRITING – when you speak with your lender, confirm the content of that conversation in an email – and ask them to confirm receipt of it. Having a record is your guarantee against a false accusation you didn’t understand something or didn’t provide information as requested.

FOLLOW THEIR INSTRUCTIONS “to a ‘T’” – doing everything they ask and providing all materials they request ensures you have been compliant in the lending process.

BE PATIENT (hard for me, maybe for you) – lenders are humans too, they’ve got lots of clients all with deadlines; mistakes are possible.

BE PRO-ACTIVE with your lender. It’s best to check in with them twice a week through the medium with which they most quickly respond.  A short call/email/text to inquire “How are we doing on my loan – anything I can do to help?” will never hurt and may well benefit you by keeping the lender’s focus on your mortgage application.

YOU CAN SAY “NO” if the lender asks for information you previously provided, direct them to your earlier correspondence in which you sent the material. It is their responsibility to manage your information in a professional manner; that includes your emails as well as all attachments. It is not necessary for you to “clean up the mess” of a lender’s incompetence in handling your file!  Remember, you are the customer; the lender is working for you J

MOST IMPORTANT – breathe … it will get done, you will get your loan, and when you turn the keys in the front door for the first time and say, “I’m home” – it will all be worth it!

 

From doghouse to DreamHouse,

Stephen