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The #1 mistake consumers make when getting a mortgage…

February 5, 2019 by Scott Sheldon

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number 1 mistake when getting a mortgage

To apply for a mortgage, get approved and close escrow you must have some sense of urgency. Whether you are buying a home or refinancing a home, your mortgage application needs to get moved up the priority scale in your life. If you don’t have that sense of urgency you may leave money on the table or worse, you could end up paying thousands of dollars more in extra costs do to your failure to meet critical timelines and dates.

Contract dates

Getting a mortgage requires an examination of your cash, credit and income. Providing the same documentation multiple times may seem repetitive however it is a byproduct of obtaining a mortgage in today’s compliant bureaucratic world of mortgage finance.

Rate lock time frames

A rate lock means the lender setting aside a certain amount of money for you under certain terms for a certain period. For example, a 30-day rate lock means you must provide documentation to support the lender being able to close the loan in that 30-day period. Failure to provide the documentation in timely manner can result in what’s called a rate lock extension which could translate the thousands of dollars more for the same terms which otherwise could have been avoided if you got documentation to the lender more proactively.

Stress

The other challenge that inevitably will come as a byproduct of not having a sense of urgency is undue stress on the transaction that otherwise might cause you to have a not have a smooth process. Here’s the reality of it… getting a mortgage in 2019 is not pleasant it’s very compliant extremely bureaucratic and requires extreme vigilance in providing documentation and supplying everything the lender is asking for to meet federal requirements. The separator amongst lenders is service, more specifically, responsiveness.

All mortgage loans today are backed by the federal government and as a byproduct the government says this is how you must do loans. As a result, some things like providing a pay stub or a bank statement or a letter of explanation about your desire to buy a property can be non-negotiables.

All the above things can be mitigated by having a sense of urgency that means when the lender says jump it should not be resistance to jumping, but it should be rather your thought process should be “how high”? Going into a mortgage loan process with that mindset will not only insure that your transaction closes on time, but that you can also meet the terms that you and your lender discussed with regards to rate, terms and costs.

Looking to get a mortgage? Get a no cost quote now.

 

 

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Filed Under: First Time Home Buyers, Interest Rates, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice Tagged With: mortgage payment, mortgage rate quote, mortgages, preapproval to buy a home, qualify for a mortgage, qualifying for a mortgage, Santa Rosa mortgage, Santa Rosa mortgages, SONOMA COUNTY LOANS

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Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
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Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

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