Buying your first home or your dream property? Working with a great mortgage lender is an important step in the home-buying process. You’ll likely have lots of questions and your mortgage lender, along with your real estate agent, are here to help!
To get the most out of the process, be sure to ask your mortgage lender these often-overlooked questions! This will help ensure you have a great experience and feel informed every step of the way.
1. What can I do to make the loan approval process easier for you and me?
Most prospective home buyers don’t think to ask what they can do to make the process easier for everyone involved. For example, your lender may have tips on what NOT to do when applying for a loan, advice on how to maintain your credit score, or suggestions for how to handle the unexpected during the home-buying process. Taking time to ask this question upfront can help make your home-buying journey that much smoother. It’s also a good idea to ask your lender if there is anything else you should know about the loan or the home-buying process in general.
2. Can I be introduced to everyone who will be working on my loan application?
Your mortgage lender will be one of your key contacts during the entire home purchase process, but they rarely work alone. At a minimum, there’s an underwriter and you may speak with the lender’s assistant during the course of applying for a loan and closing on your home. There may also be other team members who handle certain steps in the process, rather than your lender. Click here to check out all 14 steps to buying your next home with the Potempa Team! Asking to meet everyone involved upfront will provide you with confidence and peace of mind as you move from one step to the next.
3. What Timeline Can I Expect for Approval and Closing?
Every loan product has a general expected timeline that varies depending on market conditions and the buyer’s unique situation. Once you’ve selected your loan with your mortgage lender at the Potempa Team, it’s a good idea to ask what kind of timeline you can expect between applying for the loan and closing on your new home. Although the suggested timeline is never a guarantee, it can help you set your expectations accordingly. A general rule of thumb is that it takes most loans thirty to forty-five days to close, but it’s better to not make assumptions and verify the timeline with your lender. No matter what, it’s important to be responsive, flexible, and understanding throughout the purchase process. Everyone from your lender to your agent wants to see you close on your dream home and will work hard to make it happen as quickly as possible!
We love helping people at the Potempa Team and with decades of experience, we’re here to help make your purchase as easy as possible. Click here to take the next step in your journey to homeownership – get pre-approved now!