Most people want to save money on the front end of their loan by getting the lowest interest rate available. But what most people don’t know is that you can save money on the back end of the loan. I’m going to tell you how and it’s very easy.
In order for the pre-approval process to be as effective and efficient as possible; it’s very important and I cannot stress this enough, to be prepared and get the lender all the documents after the loan application and before the pre-approval to minimize loan obstacles. If you don’t, valuable time will be wasted by trying to collect these items after the loan process has already begun. All you need to do is contact your lender and ask for a checklist of items that you will need for your mortgage.
You will also want to confirm you’ve provided all the requested items to the lender so that there’s no delay getting your loan approved.
BEING PREPARED IS A MONEY SAVER
So, how does being prepared save you money? If the closing date gets pushed back and the lender was unable to close the loan, there’s a cost for extending the rate and the greater the delay the greater the cost.
If you want to know more about this or other important topics, please contact me directly.