Know All The Steps
Monitor The Process - Don't Let Your Loan Get Hung Up
Borrowers, even experienced ones, have little knowledge of the steps required to move a loan from application to successful completion.
Combine this with a lack of planning and preparation prior to beginning the mortgage process, and it's no surprise that there is stress and confusion.
The key is to work with experienced loan officers who are setting expectations for each step in the process.
If your loan officer isn't communicating with you as each milestone is achieved and preparing you for the next step, you will need to get more proactive.
This is why you need to know each step of the process.
Delays in funding by the mortgage lender or worse, a loan denial just before the close of escrow can have a devastating effect on the outcome of your home purchase with a possible cancellation of the sale and potential loss of the your earnest money deposit.
Don't let your home purchase be jeopardized.
Monitor the process. Don't let things sit too long. When you know a deadline is near or due, check with the loan officer or your realtor to see if its been met.
Engage the loan officer by email or text frequently to see if they quickly respond to your concerns. Keep them on their toes and don't let up.
The more awareness you have of the process, the more cautious the loan officer will be when handling your loan.
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Communication is the key to keeping your loan on track, and your home purchase out of jeopardy.
Understand the steps your loan takes from start to finish and know exactly where you are in that process.
Monitoring the progress will keep the loan officer focused on your loan and the lending process on track to close.