Applying for your first mortgage loan can be stressful. Where do you start? What do you need to have in order before you apply? These are all valid questions. Applying for a mortgage loan can be taxing and oftentimes unclear.
Here are four items you can cross of your list to make the mortgage loan processing time faster:
• Make a checklist of your documents and check it twice. When applying for a mortgage loan, the lender will provide the customer with a list of documents to bring to the application. Although it can be challenging to dig through files and boxes to find the exact documents, if the borrower brings all the paperwork that is asked of them, it can shave days off their time. No painful do-overs.
• Meet with your lender face to face. No matter how many times a person buys a home in their lifetime, it is still likely the largest financial transaction they make. Meeting with a lender face to face helps them understand the process and clarify all of their short and long term financial goals. Meeting with your lender in person helps establish a better relationship and takes the stress away from trying to figure out every little detail of the loan by yourself.
• Keep your credit score in top shape. A credit report is re-pulled days prior to closing. A big mistake people often make is making a large purchase before the closing. When you do this, the item will show up on the credit report and will require us to start back at the beginning again to re-evaluate the new debt in the financial picture. Save the big purchases until after you close.
• Be honest when it comes to past financial bruises. If a borrower tries to avoid bringing up any financial blunders from the past, it creates unnecessary delays in backing up the process and addressing the issues. Mortgage lenders have every technology available to check everything, twice. Being upfront about any past mistakes will help prevent additional delays.
At Wilson Bank & Trust, we re-imagined the experience that our mortgage customers experience to help make the process less stressful and faster. With a new model based around servant leadership, we now complete our mortgage process in an average of 15 days, as compared to our peer competitors who average 45 days.
This allows mortgage customers to experience peace of mind and certainty. It also allows our community members to re-imagine their own lives in their new dream home, rather than adding a tremendous amount of stress to their lives simple to get a mortgage loan. To learn more about applying for a mortgage loan with Wilson Bank & Trust, visit wilsonbank.com/loans/home-loans.
Tonya Strobel is a senior vice president and mortgage division president at Wilson Bank & Trust.