What to expect during mortgage loan process?

What to expect during mortgage loan process?

The footage at the beginning of the video was from a recent Troop 1037 high adventure trip to the New River in West Virginia. As we prepared to go whitewater rafting our two guides (they look like people you need to pay attention to) said something that stuck with me.  I think it applies to the mortgage process right now, he said “you would be actively involved in your own rescue” they gave some very specific instructions on what to do and what not to do if you did fall outside the raft..

I think that tip really applies to the mortgage process right now,  borrowers must be actively involved in getting their mortgage. As the Dodd Frank Law continues to be rolled out, mortgages will take longer to get and be more difficult to get.  The upcoming changes in Truth in Lending Act which is coming up very shortly will make things take even longer. Borrowers can’t enter into the mortgage process saying “my loan officer will handle all that for me” the loan process is not like that anymore, now borrowers must verify everything. If borrowers receive a bank statement during the mortgage process, they will need to provide that to the lender.

If the mortgage company needs to verify something on a borrowers credit history, they may have to be on the phone with the credit company while calling that creditor and sometimes having the repository on the line the same time to validate something.  I thought it was funny that the whitewater guide said it that way “actively involved in your own rescue” and it really does apply to the mortgage industry right now.

The first things you should do before you talk to a mortgage lender is pull your own credit report from annualcreditreport.com it will not cost you anything and you get a free look at your credit report.  Do not pay off any collections, in fact  you should follow by six steps to a good credit score.

If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If  you are a mortgage lender please share this on your Facebook or LinkedIn page.   If you have any questions, leave them down below I’d be happy to answer them.

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