There are some obvious questions to ask your loan officer, such as what is the interest rate? How much is the mortgage payment? How much are the closing costs? There are some other questions that you should ask in addition to the obvious ones.
What should I expect during the loan process?
Many aspects of the mortgage process are standard with all lenders, but to set realistic expectations, your loan officer should explain the estimated timeline, from application to loan closing.
What paperwork will I need to provide?
One of the first steps in the mortgage process, after completing an application and having your credit pulled, is providing income and asset documentation.
Generally, the documents that will be required are:
- Most recent 30 days of paystubs
- Last 2 years W-2s
- Last 2 years Federal income tax returns
- Most recent 2 months bank statements
Your loan officer can explain any additional paperwork that will be required, depending on your specific file.
When will I be able to close?
Based on the timeline estimate (back at question one), your loan officer will be able to estimate how soon you can close your loan. Different loan programs and their requirements, appraiser schedules, and for purchase loans, the closing date listed on the contract all factor into determining how quickly you will be able to close your loan.
Is there anything I can do to avoid delays?
After analyzing your application, credit and income/asset documentation, your loan officer will be able to alert you to certain things that could cause a delay. Some of the more common situations that may cause a delay are:
- changing jobs in the middle of the mortgage transaction.
- applying for new debt (credit card, auto loans, store credit, etc.)
- large deposits, especially cash deposits, in your bank account
Discuss any potential new debt, no matter how large, with your loan officer to try to mitigate any delays.
What is your availability if I have questions?
The mortgage process can be confusing. You want to ensure that if you have questions, that they will get answered in a timely fashion. Many loan officers work typical banker hours (Monday through Friday, 9am-5pm). If you have a question at 6pm on a Friday are you going to have to wait until Monday morning to get an answer?
Thankfully, there are many loan officers, such as myself, that are available 24/7. My clients get my cell phone number so that they can call or text when they have questions.
Contact Me or complete the quick, free, Ohio Mortgage Rate Quote request form to start taking a look at your options for a new mortgage.
