What Can You Expect When Borrowing in Ohio and Kentucky ?

Home Ownership and Mortgage Video Blog with Kathy Lamb

Click Here for a Mortgage Application
Click Here for a Pre-Qualification Request

If you’ve gotten a mortgage in recent years, you know that a lot has changed. The mortgage process today is far different from what it was 5-10 years ago: everything is much more scrutinized and guidelines have tightened significantly. However, the biggest issue that gets people into a tailspin isn’t these things, it’s the seemingly endless requirements for documentation.

It’s important that expectations are set early on in the loan process. One of the best articles I have found in recent years is called “The Perfect Loan File,” published in Forbes. Whether you’re buying or refinancing, it really helps borrowers understand that there is more to the process than your loan officer. They are simply a messenger who has to play by the rules.

In order to get the best results then there are a few things you need to keep in mind. Here are three things in particular that will make a huge difference in getting your loan to closing:

1. The mortgage process is the great equalizer. Whatever is asked of you while you are going through the process is asked of anyone else. It doesn’t matter how much you make or the price point of the house; every borrower is expected to provide the same documentation. It’s important to provide what is asked, when it’s asked, and in the form that it was asked in the most timely manner.
2. Your mindset is a game changer. Accepting the seemingly endless documentation necessary for lender approval will make everyone’s life easier. Just when you think you have provided everything you can possibly provide to your lender, expect there to be even more! I encourage anyone looking to enter the loan process to come into it with an open mind and do anything it takes to get to closing.
3. The lender knows best. When your lender asks for specific documentation, give it to them. Why? Because they said so! You may not like or understand it, but your lender is the one who knows what it is going to take for you to close on a loan, so it’s best to listen to them. Knowing this and cooperating will make the entire process much less frustrating.

As loan officers, we try our best to explain exactly why we need certain documentation, and we are always happy to answer questions. The goal of any loan process is to make it as enjoyable as possible, whether you’re purchasing or refinancing your home. If you would like to discuss your borrowing options, or if you just want to talk shop, please don’t hesitate to reach out to us by phone or email. We’re always available to chat!