How To Have A Better Mortgage Experience

We've closed thousands of home loans, of varying sizes, difficulties, and uses. These are the tried and true methods that help borrowers close their loan faster and with less stress.

Organize and Update Your Documents

This may seem trivial. But having worked with many people over the years, we've discovered that staying organized and up to date is one of the first indicators that a borrower will have a good experience. This is important because it's something every single borrower can do to have a positive effect on their loan. Here are 7 simple things we recommend doing: 

1. ‍Keep important financial documents in a specific folder on your computer
2. Know where to get Paystubs, W2s, Bank Statement
3. Make sure your Driver's License, Passport and other items are unexpired
4. Create a document or spreadsheet with all your important contacts on it like: Home Owners Insurance, BookKeepers, Accountants, etc In the event your loan officer must speak with these people, you can provide them with that spreadsheet.
5. Keep every mortgage statement (or at least know where to find it)
6. Update your insurance policy - if your loan changes servicing, you should contact the new servicer and ask for their Mortgagee Clause. Provide what they sent you to your Home Owners Insurance Agent so that your HOI is up to date.
7. Come up with a standard naming system that helps you understand what an item is on first glance

All these things will save you time and potential headaches during the loan process! 

Set Aside Time To Speak With Your Mortgage Specialist

We all get busy, there's nothing wrong with that. And here at HMS we respect your time. But something we encourage all our clients to do is call us regularly. It's ok to ask questions about rates, terms, market conditions at any time. When you set aside time to speak with us, we set aside the time to answer. Each on of our borrowers is a valuable member of our community. And in that community, your voice matters. Here's some things you should ask your Mortgage Specialist

When Can/Should I Refinance? 

We love this question, it let's us know you're thinking about the future. At HMS, our Specialists are training to know the ins and outs of refinancing, and their trained to help you understand how to take advantage of them.

Why Are Broker's Better? 

We covered this in previous article we know you'll enjoy here!

Ask Any Question

There's no such thing as a stupid question, but even if there was one we couldn't think you were dumb for asking it! We're the Specialists! You're the Borrower! That means that you get to ask any question you want, and we'll have answer for you. That's what we do.

Fill Out Your Loan Application Completely

This is the last one, but it's very important. Your loan application will help you close faster, will help your loan officer understand which programs are best for you and can make you have a breezy loan experience. Here are the three things you should do: 

1. Document at least 2 years of employment history, including employer name, address and contact info.
2. Document at least 2 years of past dwellings
3. Be as accurate as possible

But don't sweat it! When you're filling out your mortgage application, one of our application specialists will always be available to answer your questions! Just reach out!

Something you can do today! 

In the words of our president, "We're better proactive, than reactive." That's true for us, we can overcome many obstacles if we put together a plan. And you can to - so put together a plan of action today by reaching out to Home Mortgage Specialists, Inc! 

Conclusion

By following these simple steps, borrowers can streamline their home loan process and achieve a faster and better borrower experience. Organizing and updating important documents, regularly communicating with mortgage specialists, and thoroughly completing the loan application will help you succeed. In addition, taking proactive measures and seeking guidance from Home Mortgage Specialists, Inc. will empower you to achieve your home ownership goals.

Contact us today to embark on your home loan journey.