5 Things Your Broker Wished You Knew
Are you getting ready to visit one of our Milton mortgage brokers? It’s always good to come prepared for these meetings. As a Milton mortgage broker myself, there are some things that I wish many of my clients knew before they took that plunge into home ownership.
The First Call You Make
The first person you should be contacting when begin your home buying journey is your Milton mortgage broker. We aren’t just here to find you the best mortgage loan possible. We can guide you safely through the whole home buying process. We have the inside scoop on the housing marketing and access to a number of financial options you may not know you qualify for. Your mortgage broker is there to give you personalized financial advice.
Get a Good Team
It’s always a good idea to get your home buying team assembled before you take that plunge. Your team should include one of our Milton mortgage brokers, a realtor, attorney, and a home inspector. Having these on hand can make the process run a lot smoother, especially when you reach the closing stage of things.
Understand Down Payments
One thing that underwriters will scrutinize are any large deposits that suddenly appear in your bank account that you are using for the down-payment. They want to be sure that the money is a gift and not a loan, regardless of whether it’s from a friend or family member. One of our Milton mortgage brokers can help you in figuring out the best way to legally find your down-payment and we know what the regulations are in regards to finance.
Communicate With Your Mortgage Broker
It’s always a smart move to keep your mortgage broker in the loop and ask them about anything before making changes. Remember, as a mortgage broker, we will be very familiar with all of the home-buying financial regulations and are the ones who deal with underwriters if an issue arises. Make sure you have all of your documents in order and aren’t excluding anything that could potentially create an obstacle in securing a mortgage.
No Sudden Changes
I can’t stress this one enough, and I have seen it all too often. Don’t make any big changes, like a job change or a large purchase without checking with your Milton mortgage broker first. We will know if that purchase of a new car will affect your credit rating and your mortgage approval chances. Stay clear of buying any big-ticket items while going through the loan process. Financial changes, even the offer of a better paying new job, shouldn’t be done while you are going through the mortgage approval process either. After closing, you are safe to make these changes.
This brings me to another issue I have seen as a Milton mortgage broker. People trying to hide things, like a job change or big purchase. Any financial institution that is going to be giving you a loan will make the appropriate checks themselves to make sure there are no discrepancies in what you have told them.
So, make sure to tell your Milton mortgage broker everything. It’s our job to work out the kinks and get you the best mortgage deal possible. Give us a call today!