Mortgage season is definitely here, with the real estate market in full swing and interest rates poised to rise, making it the perfect time to refinance an existing loan. To help you make optimal decisions about your mortgage options, we’re featuring this “Closing Thoughts” guest post from OSB’s Mortgage Lender, Kacie Eberenz (NMLS# 1458409).
If you think that applying for a mortgage loan is right up there with getting a root canal—you’re not alone. Many home buyers, and homeowners looking to refinance, find the mortgage application process frustrating—or even painful. At OSB, we strive to make your mortgage experience as simple as possible (see the infographic below for a complete picture of our mortgage process). In addition, taking the steps below can make your mortgage experience even smoother:
Step 1: Choose the right lender. If you’re not working with the right lender, securing a mortgage loan can be a painful process. It’s important to be comfortable with your lender. For example, if you want to have someone to guide you through the process and be able to answer your questions in a timely manner, an online mortgage option is probably not for you.
At OSB, we work to streamline your mortgage application and make getting a mortgage as easy as possible with personalized service to help you feel as comfortable and confident as possible.
Step 2: Provide your financial information promptly. Buying or refinancing your home requires that you provide significant amounts of financial and personal information to your lender. From bank statements to pay stubs your lender should let you know exactly what they need from you in order to process your mortgage application. To avoid delays, make sure you provide the specific items requested in a timely manner.
Step 3: Tackle your taxes. You will need to provide current tax returns as part of the mortgage application process and you must have your taxes filed for the past two years. If you have any delinquent tax payments or unfiled taxes, you’ll need to ensure that they are taken care of so the processing of your mortgage application can proceed.
Step 4: Manage your account balances and credit. Your bank balances and credit score will be evaluated by your lender as part of the mortgage loan decision so it is wise to make sure they are in good order.
Tip: When it comes to your bank account, it’s best not to make large deposits during your loan application, as it may affect your loan decision. In addition, avoid taking on any new debt during the loan process (e.g. Hold off on buying new furniture and appliances until after your mortgage closes.), since all of your debt will influence your debt-to-loan ratio which is a critical aspect of any mortgage loan application.
Let OSB help you smooth out the mortgage application process.
Applying for a mortgage shouldn’t be a burden. OSB is dedicated to making your loan process simple and streamlined—and these tips can help you take the right steps to make your mortgage experience even smoother! Need help with a mortgage loan? Contact me at 517.592.1058 and we’ll get started!