Communication is Key in the Lending World

Posted: December 16, 2011 in Mortgages
Tags: , , , , , , ,
An overload of communications

Image by windsordi via Flickr

As a buyer of a new home, I cannot stress how important it is to communicate communicate communicate.  If you have another home that you are not reporting, the lender will discover it.  If you have a part-time business and you are showing a loss on your tax return, tell your loan officer.  If you have received a loan or a gift from a friend or family member, tell your loan officer.  If you work for a family member in a family owned business, tell your loan officer.

Be truthful.  Be honest.  Be upfront.  Be detailed.

In the current lending environment, nothing can be hidden.  There are great lengths taken by underwriters to ensure that all information is discovered about borrowers.  You can save a lot of time, money, and effort by giving your loan officer ALL of the details. Don’t hold back!  Do not be worried that you are giving too much information.  The more information that is disclosed, the better the loan officer can guide you through the process.  I think you would agree that it would be better to know that you do not qualify upfront, than to go through the underwriting process and spend money on an appraisal.  Most seasoned loan officer’s can provide you with a plan so that you will qualify at a later date.  That is our job.  That is what we love to do.  Sometimes, two to three months of patience can mean the difference in qualifying or denial.  It can mean the difference between 4.5% and 4%.

Bottom line:  Communicate your wishes.  Communicate your problems.  Communicate your dreams.  All of this will help you achieve your dream of owning a home.

 

 

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