Getting your first mortgage loan is a lengthy process characterized by tons of paperwork, inquiries into your finances/life/profession, and ever-changing state and federal policies. It’s extremely important to find and work with a lending agent who understands all of these things and who has the ability to navigate the tricky system with your unique set of circumstances.
When deciding on a lending agent, make sure that they are able to fully explain to you the types of loans that are available. If you are interested in purchasing a short sale or foreclosed home, it’s also essential to have an agent who is experienced with the dynamics and terms of these types of home sales. On a more personal level, feeling comfortable with the personality and communication style (as well as timeliness) of your lending agent becomes paramount.
Remember, lending agents will have access to all of your bank records, income statements, places of residence, professional standing, and your bills, both past and present. If, for example, something you didn’t know about pops-up on your credit report, the lending agent should approach the finding with a non-judgmental attitude and be more than willing to walk you through the steps that are needed to remove the finding, as well as show you how to improve your credit rating if necessary.
Your lending agent should also be encouraging. If he or she understands the system of lending, they will be more than happy to continue the process of finding the right mortgage loan for you that fits your circumstances and needs. If one type of loan doesn’t work, other types of loans are available. On your path to your first mortgage loan, requirements will pop-up that you may have never expected or imagined. For example, your lending agent should be there to help you write letters of explanation to ensure that your loan goes through.
If you are self-employed, your first mortgage loan is likely to be even more difficult to obtain. A good lending agent, however, will never turn you away based on the way that you earn money, and they will understand how to show this properly on paper to mortgage entities. While your first mortgage loan will be a lengthy process, the reward of having the right lending agent comes down to the reward of owning your first home with excellent terms that meet your needs.
For more information about finding the right lending agent for your first mortgage loan, contact us.