Today, We’re Asking the Pros…
What do you wish all prospective borrowers knew about home financing before meeting with a loan officer?
“[T]here is not just one rate for home loans. Borrowers always ask, ‘What is your rate today?’ The rate for a home loan is affected by several things, so on any given day the rate can be different for different borrowers. Some of the main things affecting the rate are loan program selected, credit score, any derogatory credit issues (collections, late payments, judgments, etc.), the term of the loan and the amount of down payment.” –Bill Kahrs (NMLS 71352), Licensed Mortgage Loan Originator – Slidell Branch #67130
“There are many entities involved in a purchase or refinance of property, one of which is the title company. The clients need to know that they are able to choose the title company/attorney. The title company/attorney performs a title search to find any liens or problems in the chain of title, and they take action to ‘cure’ any issues that would prohibit the lender from being in the ‘first’ position. Sometimes this part of the process takes a while. The client should provide all of the documentation requested at the time of application as soon as possible in order to move the loan process forward. Additional documentation or updated documentation (most recent bank statement, newest paystub) may be required at a later date. The sooner we get these documents, the sooner the loan closes.” –David Shirley (NMLS 113989), Licensed Mortgage Loan Originator, Branch Manager – Lake Charles Branch #176111
Buying a home is certainly a learning process, and the process is uniquely yours. Although there is an abundance of information online, and you may have friends and family who are able to provide you advice and guidance based upon their own experiences, a licensed loan originator can be one of the most valuable resources available, even before you start your house hunt! Relying upon his/her knowledge, education and expertise, he/she can answer your specific and in-depth questions while evaluating your financial situation in order to fulfill your home-buying needs. Contact one of our branches today to get pre-qualified for your new home loan at no cost and no obligation.
The Mortgage Lending Group, Inc. (NMLS 63681), 1901 Possum Hollow Rd., Slidell, LA 70458, is a Louisiana Licensed Mortgage Company and Mississippi Licensed Mortgage Company. We are an Equal Housing Lender. Some restrictions may apply. Programs and rates are subject to change without notice. Borrowers subject to credit approval.