What should your lender be doing for you? The obvious answer is “help me get a mortgage”. Yes, but don’t you want and expect more? If not, you should be.
It isn’t just about getting you approved for a mortgage; it is about helping, guiding, educating and doing everything in their effort to make you feel comfortable and confident about the mortgage you are getting into. Taking the time to hear and acknowledge your personal goals and situation behind the mortgage. Are you refinancing? Why are you refinancing? What are your objective and goals? Are you purchasing? Is this your first home? How long do you plan on living in this house? What are your future goals? Is this a second home? Investment? Many questions should be asked in figuring out what exactly you are looking for and where it fits in your future.
This is what your lender should be doing for you:
- Explaining and helping you review your credit report then educating and assisting you with any areas that may need to be addressed.
- Discuss what loan programs are available for you.
- Explain the details and difference between all loans options that are best suited for your unique situation.
- Assist you through the whole process, beginning to end. Whether you are refinancing or purchasing a home. Your lender should be able to help guide you through the process minimizing any confusion and/or stress. Along with answer any questions along the way.
- Good communication! This is vital. There should be an open line of communication with your lender. You should be able to get in touch with your lender, not always leaving voicemails. They should be quick to respond either by phone and/or email. If purchasing a house, they should also be in good communication with your Realtor.
Now you just need to ask yourself….”Is my lender doing all of this?”