Don’t succumb to these common mortgage delays.
When buying a home, it’s important to settle all of your finances. Usually, in order to buy, you need a mortgage approval. That way you have the financial resources that you need to finance your home purchase. However, the road to approval can be a little bumpy. Ensure that you avoid these common mistakes that delay the mortgage approval process so that you can buy a home sooner than later.
Mistake: Forgetting to Disclose Financial Materials When Meeting with Your Lender.
It’s important that you’re open and honest with your mortgage lender. When applying for a mortgage, it’s important that you disclose your full financial profile. Otherwise, you could delay the process. From employment information to income and assets to debts, don’t exclude anything when meeting with your mortgage lender. Additionally, it’s important that you bring the right documentation with you. When your lender asks for detailed documentation, ensure that you bring all the necessary documents to avoid any delays in your mortgage process.
Mistake: Getting Too Comfortable with Pre-Approval.
When it comes to your home loan, it’s important to recognize that your pre-approval isn’t a guaranteed. Your pre-approval means that you’re a good candidate for a loan, but it doesn’t necessarily mean that you’ll get the loan. Ensure that you get “underwriting approved” when looking for a home loan so that you can rest assured that you have secured a loan.
Mistake: Not Keeping Your Lender in the Loop.
There are many parties involved in a home sale. Ensure that your real estate agent, your lender, and any other parties involved are on the same page when it comes to your timeline. That way you can lessen the risk of miscommunication which could delay your home purchase.
When it comes to buying a home, ensure that you have all the necessary resources. Dedicated service paired with top-tier escrow services are a must when closing an escrow deal. Contact Brighton Escrow for assistance! Our Hermosa Beach, California team is committed to helping you make the most of your escrow process.
