how to get a mortgage

Buy a house in 10 steps, get home 10 days [INFOGRAPHIC]

Bethany RamosFirst-Time Homebuyer, Getting Prequalified, Home Buying, Loan Types

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Reading Time: 3 minutes

A few takeaways:

  • If you’re ready to buy a house but don’t know where to begin, you’re definitely not alone.
  • This 10-step guide can walk you start-to-finish through the homebuying process.
  • Take care to work with a trusted loan officer who knows your local area — and who’s fully equipped to help you close on your mortgage remotely.

Does your lender have your back? 4 ‘tells’

A good mortgage lender isn’t hard to find, if you know what to look for:

1. They don’t put on the pressure.

When you’re working with a lender who cares more about you than their bottom line, the sign is simple: They won’t be pushy. They’ll sit down with you. Take a look at your finances. They’ll try to understand how much home you can realistically afford, considering where your life is now and where it’ll be in the next five years.

Remember: It’s a bad sign if a lender pushes a loan on you without an initial discovery conversation. Mortgage loans can be complicated, and what you qualify for depends on a variety of fluctuating factors.

2. They love what they do.

It’s not always easy being a loan officer. You have to know a ton about the math side of things and a ton about people. You have to be extra vigilant about where each loan is in the homebuying process and look out for any changes that could possibly slow down a closing. If you’re talking to a loan officer who can speak well of their company and their team members, that’s an excellent sign.

Remember: If your loan officer has been with their associates for years, or if they can’t stop gushing about how great their job is, that means they’ll be even more motivated to work hard for you.

3. They can update your loan status faster than Facebook.

It’s harder for big bank lenders to find out how their loans are doing. Many times, they don’t even know their underwriting team and can’t drop by to check in. A local, private lender will be more likely to have an in-house team that can help them get answers fast. Solve problems quickly. Meaning, you’ll get quick solutions, and your loan will be more likely to close on time.

Remember: Be sure to consider whether a lender has a history of closing loans quickly and on time. A loan with a low rate is worth nothing if your closing is delayed and someone else gets the home you want before you do.

10-day closings at a click? Download LoanFly today.

4. They (K.I.T.) keep in touch.

A throwback to school yearbooks circa 1995: Some people were genuine about their K.I.T. and used it when they meant it. Others made promises they never kept. It’s the same with lenders. A good loan officer is going to prioritize constant communication and will offer leading remote loan technology to make it happen, like a buyer-friendly app that you can use to track your mortgage and receive and send updates.

Remember: Ask a loan officer how often on average they brief their homebuyers on their loan status. Is it one email through the whole transaction, or do they regularly send updates with every big or small loan change?

Three cheers for getting home fast

No one said homebuying had to be hard. For a better way to mortgage, download LoanFly and stay connected to your loan officer and your loan status each step of the way. Count on our super-speedy in-house processing to get you closed in 10 days.

For educational purposes only. Please contact a qualified professional for specific guidance.

Sources are deemed reliable but not guaranteed.

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