NMLS: 2576 | CT LICENSE: 1101 | MA LICENSE: LS2576 | MI LICENSE: FR0023580 If buying a home is the movie, and you’re the actor, here’s how you can win the Oscar for Best Mortgage Customer.
1. Establish and Maintain Credit.
Having bad credit is like watching a three hour movie with no plot twist. You wait, and you wait, but the result is nothing but disappointment. Your credit score isn’t something that just happens overnight. Mortgage customers need to start preparing ahead of time, giving themselves time to build their credit before applying. Once you have a healthy credit score, the homebuying process begins. During this time you should keep your credit steady; any big purchases could cause originators to yell “CUT!” and have you preparing for a retake.
2. Keep your Originator Informed.
Open communication with your originator is similar to the bond an actor has with their director. The stronger the relationship, the more comfortable the actor is on set. It is important to keep your originator informed of any major changes that happen throughout the mortgage process. This is includes, changes in jobs or financial status. Open communication between mortgage customers and originators will help ensure things go smoothly and avoid unexpected surprises.
3. Review your Loan in Detail Before Signing.
Should you review your loan before signing it? Does an actor read a script before accepting the role? This one should be a no brainer. Reading the loan before signing ensures that all of your questions have been answered, and is your last chance to decide if the loan is right for you. Just like an actor reading his or her lines, it is important for mortgage customers to understand each paragraph and bullet point.
And the Oscar for Best Mortgage Customer goes to…envelope please.
photo credit: Castles, Capes & Clones via photopin cc