Buying a house is exciting, but getting a mortgage often isn’t. Sometimes it can be downright stressful, and other times, it simply makes life difficult for a little while until an approval is granted by the bank or other lender. But the more you know about the mortgage loan process before buying real estate in Montrose, the more easily you can move through the process and get into your new home. Here are some of the most important things you need to know when it comes to getting a mortgage loan.
You’ll Be Asked for a Lot of Documents
There will be plenty of documents required for your mortgage, and you’ll be asked for a lot of them up front. Then, over the course of the process, you’ll be asked for a lot more documents, too. It may seem a little bit never-ending, but there will be light at the end of the tunnel. Be patient, and ask for a list of needed documents up front. Get together as much as you can, because the more you provide up front, the easier it will be for you throughout the process of getting your loan.
Nothing Will Go as Fast as You Expect
You want to buy your house and get moved in. That makes complete sense, but you’ll need some patience. It generally takes 30 to 45 days from an accepted offer to the closing of a house purchase. Things will drag sometimes, and you could get frustrated. That’s a pretty normal reaction to the process, and the more you’ll be able to go with the flow of getting your mortgage, the easier it will be for you. Don’t let getting a mortgage stress you out.
Some Things Will Happen Last Minute
Even though it seems like things are going too slow or taking too long, some things will still happen at the last minute. That seems to be the case with a lot of mortgages, and you’ll eventually get a call that the lender needs a few, last minute things. Those “last” things might turn into a few more, depending on what the underwriter is asking for and what your documents indicate. Be prepared for last minute changes, adjustments, and document requests. The faster you can provide what’s asked for, the faster your mortgage approval can be completed.
In the End, You Can Change Lenders if You Need To
In some cases, you just don’t work well with a particular lender. Not all of them move through the mortgage process the way they should, and some of them make more mistakes than others. If you’re really having a difficult time, it’s possible to change lenders throughout the majority of the process. You may eventually be asked to “lock in” with a rate and with the lender, but make sure you’re happy with the lender and that you read everything carefully before proceeding. That can help protect you, and give you a lot of peace of mind as you prepare to close on your new home.
Lynn Whipple
Senior Loan Consultant/Sales Manager
620 E. Main St. Montrose, CO 81401
970-628-7065
Thinking about Buying or Selling? Call or Text: 970-417-9375
Copyright 2018-2021 Keller Williams Colorado West Realty, LLC. If you have a brokerage relationship with another agency, this is not intended as a solicitation. Equal opportunity housing provider. Each office is independently owned and operated. For sale by owner data not included in research findings. Sales data reflects sales from homes not limited to the Atha Team LLC. This information was gathered from Keller Williams, The National Association of Realtor, CoreLogic data analysis firm, Montrose Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2018-2021. All Rights Reserved.