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HELPFUL TIPS THAT ENSURE YOUR LOAN PROCESS GOES SMOOTHLY
You have found the house of your dreams but still need a loan? The loan and mortgage process is a stressful and sometimes frustrating process. The idea is to make the entire process go as smoothly as possible. What is most important? Be prepared before you sit down with your loan officer.
Here are some things you can do to help ensure successful results, as well as give you some control over your own loan process.
1. Take time to Straighten out your finances.Take a strong look at your current financial situation. Anything that you can do to fine tune you situation through elimination of some debt can help when getting your mortgage.
2. Make sure to check your credit record.This can be done for free. it is good to know where you stand before you talk to lenders.
3. Gather The Information You Need Ahead of Time.Get all of you financial records together. This will save you precious time later on.
4. Know The Current Lending Guidelines.
5. Conventional Mortgage.
Conventional mortgages require a down payment of 25 per cent of the home's appraised value. If you're looking at a house with a price tag of $200,000, that means you need to come up with $50,000 of your own money. But if you don't have that much saved, you may still be able to purchase that property.
Although it may seem that the lender's primary job is disqualifying mortgage applicants, the reverse is true: The lender wants to qualify as many applicants as possible (lenders make their money by approving loans) but are restricted by the rules and regulations of a larger, more powerful body. If you understand up front what your lender is going through, it may help smooth the process.
6. Qualify your lender.Just as you shop for a real estate broker and a new home, it's very important to shop for a lender, we can help you by making recommendations. Always ask for at least 2-3 different Mortgage Lenders. And not all lenders are created equal. Loan products, services, style, and personal attention vary greatly. Look for a lender that is best qualified to meet your needs. Look for someone exceptionally well trained and thoroughly knowledgeable in the mortgage type you want to use.
Look for someone who is seasoned in the business and can guide you through with a practiced hand.For example, if you're self-employed, and you've only been self-employed for a year, you may find it more difficult, even though you may have paid every bill on time in your life. The reason for that is that lenders need to see that you've been self-employed, maintaining an income for at least two years, and have the tax returns to prove it. At this point, your choices would be to wait until you've been self-employed for two years, or go with a sub-par loan (also known as a B or C loan in the lending industry).
Whether your in the market to sell or buy a single-family home, new home construction, condo, acreage, or possibly invesment property contact us today for superior real estate service on homes in Sioux Falls and the surrounding area.
Contact Koni K. Kiesow with your home mortgage needs
605.575.4969 Phone| 800.658.4766 Toll Free | koni.k.kiesow@wellsfargo.com
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