Lender selection and important questions...
If you have a lender in mind, that's excellent. You may know someone, or have had a loan officer referred to you by a family member, close friend or trusted colleague.
If not, or if you'd like contact names for comparison and contrast of services, programs, rates and fees, you're welcome to browse the mortgage lender page at our website. Our brokerage does not accept referral fees from any loan officer or lending institution. The names listed here are included because the loan officers have provided excellent services to our clients in the past, and many of them have worked with us repeatedly over the years.
Here's a link to the mortgage lender page at our website:
http://condoatlanta.com/Mortgage%20Lenders.htm
As you begin your process, it's important to know your credit scores: high, middle and low. If you have that information (and it's up-to-date), you can share the scores with a prospective lender for purposes of an initial conversation about mortgage options. For firmer proposals and as you work toward a loan commitment, you'll need to have a loan officer pull your credit directly.
Additional information that will help your lender develop the best options for you is the following:
*Is your income W-2 or 1099 based?
*How long have you been with your current employer?
*Is your income salaried, hourly or commissioned? Is any portion of your income from over-time?
*What are your open accounts, balances and monthly payment commitments?
*If you're a recent college graduate, do you have an employment commitment and when will you receive your first pay stub from your new career opportunity?
*Do you have any student loans requiring current payments or having been deferred?
*Are you a US citizen? If not, what kind of visa do you have in place?
*Do you have savings in place for your down payment or will you be receiving gift funds for this purpose?
You'll also want to interview your prospective loan officer, and might begin with questions like these:
*How long have you worked as a loan officer?
*Are you licensed with the state of Georgia?
*How long have you been with your current firm?
*Do you work for a direct lender or mortgage brokerage - and can you help me understand the difference?
*Will you review the costs of my loan in detail including the fees paid for lending services?
*Will you be my primary point of contact throughout the loan process?
*Are you readily available by email and phone through out the business week, in the evenings and/or on the weekends?
*Will you review my settlement statement in detail as we prepare for closing, and attend my closing with me?
We suggest that every buyer interview 2 or 3 lenders, and in final selection that Good Faith Estimates (GFE) be compared line by line. Ask questions about any differences to be sure you're comfortable with and confident in the information you've received.
When comparing loan options and lender services:
*Secure a written Good Faith Estimate (called a "GFE")
*Secure a revised GFE once your contract is secure that is based on the specific property, determination of closing attorney, etc.
*When comparing lenders, compare same-day rates, terms and comparable programs.
*Check for comprehensive coverage of cost categories.
*Ask about how rate locks work, for what period of time and if there is a float-down option should rates go down after you've locked and before you close on your loan.
We also have some helpful "do's" and "don'ts":
DO... :-)
*
DO keep
originals of all pay stubs, bank statements, and other important
financial documentation. You may be required to update documents more
than 30 days old, prior to closing on your home.
* If you're selling one home and purchasing another, DO provide all
documentation for the sale of your current residence: sales contract,
closing statement, employee relocation documents, etc.
* If you already own real
estate, be sure to disclose this to your loan officer so that this can
be documented as required for your loan file. If you have a tenant with
a rental or lease agreement, be sure you provide this to the loan
officer as well as verification of rent receipts and deposits as any are
required for your loan file.
* DO notify your loan officer
if you plan to receive gift funds for closing costs.
* DO notify your mortgage loan officer of any changes in employment
status, recent raises and promotions, transfers, change of pay status
including salary to commission scale, etc.
DO NOT...
:-(
* DO NOT change jobs or
employers without inquiring about the impact such a change may have on
your loan approval or approvability.
* DO NOT make major purchases during or prior to closing...including new
cars, furniture, appliances, electronics, etc. These purchases may
impact your ability to qualify for your loan because the new debt may
affect your "income to debt ratios", or your credit scores.
* DO NOT receive and/or deposit unusually large sums of money without
notifying your mortgage loan officer. Guidelines require
documentation as to the source of these funds (copy of your bonus
check, tax refund, insurance settlement, gift letter, etc). If you
intend to receive gift funds toward your down payment, communicate this
to your loan officer immediately so he or she can be sure your loan
program makes provisions for this down payment source.
* DO NOT close, open, or transfer any asset accounts without acquiring
proper documentation for your loan file.
* DO NOT open or increase any liabilities including credit cards,
signature loans, etc. during the loan process. Check first with
your loan officer for any documentation required, or the impact new
accounts may have on your qualification ratios.
Here's to successful home ownership!
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