From the moment an individual fills out a loan application, the process of closing it immediately comes to the forefront of their mind. The staff at PrimeLending Chattanooga is ready to help Chattanoogans achieve this goal with excellence.
Mortgage Originator, Jill McLean, and Production Manager Rex Rutledge offer the following top five tips to help close a loan on time and as scheduled.
First, choose a professional lender and lending institution. Most lenders provide almost the same products and services, however, there are a few select programs and depth of programs that will vary greatly from lender to lender, according to the group. Choosing the right individual loan officer will ensure a higher return on clients' efforts while shopping for the best loan type for the individual.
Second, understand your credit positives and negatives. Good credit can make the borrowing process easier, however, there are many elements in underwriting a mortgage that having positive or negative credit will not overcome. Appraisals, title work, debt to income, sources of down payments, gift funds, property type and the amount of properties owned are also to be considered.
Third, be on top of documentation and good record keeping. PrimeLending professionals advise clients to make sure they have paystubs, bank statements, an accounting of down payment if a purchase, and make sure you have documentation that supports any significant source of funds that will be used for closing on the home. Some of these can make it more difficult or potentially adversely affect clients' ability to secure that ultimate green light approval.
Fourth, set a very realistic housing budget for you and your family. Rates are still very low, and rates are generally what everyone focuses on for maximizing their affordability, but taxes, insurance, mortgage insurance, and home owner association fees could very well lead to less home than clients had hoped for.
Finally, communication is the most important piece of the puzzle. The lending process is very much like going to a primary care physician where all may seem fine on the front end until that dreaded results test comes back and you are shocked to find out that maybe everything is not quite as it seems. More times than not there is a lenders prescription that could cure the ailment, but sometimes clients may want to seek a second opinion.
Prime gives their experts the training, support and world class products to help reduce stress of the home buying or refinancing process. The group partners with realtors, developers, remodelers and more to help educate their clients on how to best reach their home ownership or renovation goals by referring them to one of Prime's expert lenders.
For more information about PrimeLending Chattanooga and how they can meet your financing needs, visit primelending.com or call the office at 423-414-3390 to set up an appointment office is located at 7446 Shallowford Road, Suite 102B.