There is no need to be scared of the mortgage application process.
It is simply a time where the mortgage client and loan officer can go over some basic questions to get a feel for what everyone’s objectives are.
I like to start with a general discussion about what your opinions, needs, and expectations are.
Basically, just tell me what you want in a new property, a mortgage, down payment, monthly payment….. the list can go on.
Lets talk about your concerns over interest rates, foreclosure vs new construction, and any thing you may have heard in the news about the economy.
So many loan officers take an application like they are serving up burgers and fries.
“Would you like to super-size that Las Vegas mortgage with an interest only loan?”
While I do have clients who need me to do all of the talking and question asking, I would prefer to spend more time listening.
Besides the basic personal and employment information, I like to know about the following items and how they relate to your short and long term financial goals:
1. What is your budgeted down payment?
2. What down payment do you want?
3. What is the highest monthly payment you want?
4. Preferred monthly mortgage payment?
5. Are you saving for any large purchases?
6. What are your goals for paying off credit debt?
7. College, wedding, retirement goals?
8. How long do you plan on staying in this new property?
9. When do you anticipate paying off the mortgage?
That is really all there is to the mortgage application process.
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Top 5 Las Vegas Mortgage Links / Articles / Questions
- Las Vegas First-Time Home Buyer Frequently Asked Questions
- Las Vegas Mortgage – How Much Can I Borrow?
- What Are The Current Mortgage Interest Rates?
- Applying For A Las Vegas Mortgage – Required Documentation?
- How Does The Mortgage Approval and Funding Process Work?
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Raintree Mortgage (Las Vegas)
9488 West Flamingo Rd. Suite 102
Las Vegas, NV 89147 | NV LIC 2511
702-432-5626 | Email
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{ 1 comment… read it below or add one }
Really great information on this! I think your really educating the masses and we see that for our clients many times they have dealt with bad loan officers prior to working with our team and if more agents just read this post we would all be in a better place.
Keep up the great posts. We need more great education for the markets!