Submitted by Chris Johns for On Q Financial
From the moment you begin to consider a home purchase or a refinance, a million questions may come to mind. Okay, maybe not a million, but it can feel that way when you don’t know where to go, what to do and what to expect in the process. So, let’s address your options and look at what you should expect from your mortgage provider. That way, when the time is right for you to purchase or refinance a home, you’ll know what to look for —and what to avoid.
Maybe the first thought is,“How much is this going to cost me?”
Yes, there are costs involved in obtaining a home loan and some can possibly be covered by the lender or a seller (if you are purchasing). If you value your time, energy, and plans for tomorrow, I would stress you choose a seasoned mortgage professional with a track record of on-time closings. I recommend understanding how and why Mortgages Simplified at On Q Financial, Inc. makes a big difference in home loan success.
There are many steps in obtaining a mortgage. To visualize its inner-workings, consider a mass production line, where one person provides the direction and completion of certain tasks, to be passed to the next person, and the next until you reach completion. With so many steps, it is crucial to have competent professionals who not only know their responsibilities to the core, but can anticipate the next steps and have solutions in hand at a moment’s notice. How is this possible?
Mortgages Simplified happens with a proven process.
At On Q Financial, you have a team of experts that work together seamlessly. Closing loans on time isn’t just a goal, it’s the expectation and the reality that you can count on. The Mortgages Simplified process is a partnership between you and your dedicated licensed Mortgage Consultant. It is this partnership that moves through the cycle for success.
- Identify your home loan needs
- Identify what you qualify for
- Identify all your loan options
- Discuss your best course of action
- Set Up Action Plan
Once the Action Plan is established, Mortgages Simplified cycles into key steps to move you through the loan in a timely manner, all the way through loan funding and closing.
Action Plan Key Steps
- COMMUNICATION
- Requests for personal and financial documentation
- COMMUNICATION
- Verification of documentation (employment/rental history)
- COMMUNICATION
- Submit documentation to underwriting for loan approval
- Requests for additional documentation
- Requests for 2nd round of verification (employment)
- COMMUNICATION
- Loan approval
- COMMUNICATION
- Review and signing of final loan documents
- Added assurance that the loan is what you expect
- COMMUNICATION
- Escrow signing
- COMMUNICATION
- Funding of your loan
- COMMUNICATION
- Notification of loan close
While the Action Plan may seem like standard procedure, without the right team in place, there is one step that begs for duplication (see Action Plan above). Yes, you guessed it: COMMUNICATION. More often than not, the root of most missteps in the loan process can be found in either lack of or unclear communication. It is imperative to work with your loan originator in a timely manner through every step of the process.
What can happen without consistent communication? What are the gaping holes without Mortgages Simplified? Loan delays, lost paperwork, missed deadlines, rate increases, breach of contract (purchases), unfulfilled closings, to name a few.
You and your future deserve better than second rate financing. Always partner with a mortgage consultant who is backed by years of industry experience, solid reputation, and the people, practices, process and professionalism that make Mortgages Simplified your reality.
Look for a follow up to this article soon, with special focus on the first-time homebuyer experience. Even if you’ve purchased property before, it’ll be a great refresher read to get you primed and ready for your next real estate transaction.
For more information or to contact Chris Johns at On Q Financial Inc., visit www.thejohnsteam.com or call (360) 347-8000.
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