Buying or refinancing property can be a huge headache. There are so many options and steps to take, and nothing ever seems to be very clear. However, the process doesn’t have to be convoluted or drawn out. Here’s how you can get your own custom mortgage solution from the comfort of your own home. No hair pulling necessary!
Review Your Options
First thing’s first: you have to take a look at what all is out there. These days there is a plethora of online lending options available, regardless of your financial situation. Although you might still need to find and submit a few physical documents, the majority of your efforts and communications can all happen online. Companies like Vaster Capital are a great place to start your search. When looking for a reputable company that is a good fit for your needs/situation, you might want to consider: making sure your qualifications are sufficient for their requirements, checking out their ratings and reviews from other customers, and finding a platform you feel comfortable with from a navigation standpoint.
Talk with a Mortgage Expert
Another key step is to find a lender that allows for (and even encourages) communication. Whether it’s via email, phone, or even online chats, it’s inevitable that you will have some questions along the way. You don’t want to get too deep into the application process and realize that you don’t have a way to ask questions or clear up any doubts. In fact, it’s not a bad idea to ask a mortgage expert a few key questions before you even get started. You might want to ask your potential lenders questions about particular promotions, rates, timelines, etc. Of course, gauging their responses can also help you decide on the right company for you and your mortgage needs.
Decide and Apply
Before you know it, it’ll be time to choose a specific lender and payment plan. Once you’ve sussed out who has the best reputation, platform, and options for you, you’ll need to complete the appropriate application and submit all the necessary forms. Remember that this part of the process can be a little tedious, but it is important to do your due-diligence to avoid errors or misrepresentations. The details are of utmost importance when dealing with large sums of money, so make sure you double or triple-check all the minutiae. It’s not a bad idea to get a second pair of eyes when reviewing the paperwork, and you might also want to keep your own copies of everything you submit (whether digital or printed).
Stay in Contact
While you’re waiting for the paperwork to be reviewed and processed, you should continue to monitor your ongoing communication as it’s really vital throughout the whole process. You’ll want to stay in contact with your agent or representatives even after submitting the initial application because they often need additional documentation or clarification and being prompt in your responses will only speed up the proceedings. Make sure you have a way to reach those in charge of your loan and be sure they have the information they need should they need to reach you. During this time, you might also want to track the timing of each step of the process for future ventures as well as to more quickly identify a possible snag in the procedures.
Let the Process Play Out
Aside from keeping an eye on the details and on the overall communication, once the ball is in their court, so to say, all you can do is let the process play out. It’s nice to be aware of some of the steps they’ll be taking on the other side, such as the appraisal, the title search, the background check, etc. But ultimately, once you’ve submitted everything, it’s a bit of a waiting game. Of course, this might be the perfect time to take a closer look at your insurance options as well. Many people find that refinancing or purchasing property is a great time to review your homeowner’s or other insurance arrangements. Almost like ripping a bandaid off, you can take care of several important updates all at once (while all the essential paperwork is on hand, at the ready).
Enjoy
Finally, after you’ve been approved and officially sign on yet another dotted line, you can relax and enjoy your new mortgage solution! The process can have quite a few elements, but with the right company and the ease of today’s online options, it’s not something that should scare you off. Just remember to take your time, ask questions, and lean into the process. Luckily, it’s not something you have to do very frequently, but when the time comes it can be a huge relief and a huge money-saver in the long run.
