It is interesting to see competition at work among the local lenders as they stir to capture borrowers and business from real estate practitioners. Although interest rates remain at extremely low levels, lenders try to get a share of the activity present in today's market. Business is still pretty slow and volume slim, but construction seems to be picking up a bit and the resale market is being energized by showing signs of new life with the turnover or transition properties.
Lenders still like to offer details of their various loan programs and the rates and fees associated with them. It is interesting to observe that with the promotion of their financing options, services are being offering to bring business their way. One local loan officer recently provided a very helpful guide sheet with tips about the home financing process and the steps to make it easy to get started. Along with the guide sheet, the person reminded that "as your local mortgage advisor, I'm here to assist you through the financing process." This company offers an outstanding pre-approval program. The individual went on to say in his information guide sheet, "Now that you are pre-approved, you can start gathering documents that you may need to complete your loan application." He stated that there are three tips that apply to all of the documents [they] request, namely: "The documents must be legible; Unless otherwise instructed, provide all pages of each document, even if some pages are blank; and provide photocopies, not original documents, unless otherwise noted."
The following are some additional suggestions offered to help get started with the process. The types of documents applicable include: Pay stubs, W-2s, Federal Income Tax returns, Asset information, Landlord reference letters, Rental property leases, VA documents, Divorce decree/alimony/child support, Gift letter, etc. Once the property is selected and the offer is accepted, there may be addition documents in order to consummate the approval process and effect settlement.
Much of what is suggested is simply common sense application, but it is amazing how much need there is for reminders and personal care giving in these types of business events. The industry is fortunate to have many outstanding, qualified loan officers and mortgage advisors today. Borrowers would do well to follow the tips offers and act with diligence and dispatch in order to achieve the desired results in the loan process.
St. George REALTOR® Jim Coleman is Associate Broker and Partner/Owner of ERA Brokers Consolidated. He Specializes in Residential, Investment and Commercial Real Estate, holding National Designations of Accredited Buyers Representative (ABR), Certified Residential Specialist (CRS), Resort and Second Home Property Specialist (RSPS), Seniors Real Estate Specialist (SRES), Certified International Property Specialist (CIPS), GREEN Property Specialist, and Certified Short Sale and Foreclosure Resource Specialist (SFR). You can contact him by e-mail at Jim@JimColeman4Homes.com. Call: (435) 627-5411; or write: Jim Coleman, 201 East St. George Boulevard, St. George, Utah 84770. This and other columns are available at www.WinningTalk.com/articles.