Check in With Your Mortgage Broker

Home Due Diligence Check in With Your Mortgage Broker

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, , Due Diligence, Financial, Mortgage info, , , , 0

With all the changes occurring in the mortgage industry (programs disappearing, stricter standards), now is a good time to check in to make sure you still qualify for the program you are interested in, and that there haven’t been any changes that might impact your transaction.

Your mortgage broker (assuming you have contact in the past, say when you got pre-approved) may or may not call you to raise any issues. So be proactive, and watch out for yourself.

You don’t want any surprises, like finding out you cannot do 100% financing or your loan will not be approved because of stricter standards.

3 Responses to Check in With Your Mortgage Broker

User Contributions

  • Ricardo Bueno says:excellent point,“Your mortgage broker may or may not call you to raise any issues.” –J.D. I would say that during these times if your mortgage broker DOESN’T call you, that’s definite cause for concern. You need to know what’s going on with your transaction every step of the way. Even if it’s a phone call in the morning to simply say “hey Bob. There’s no change in your loan right now everything is moving along just as expected. I’ll call you if anything comes up.”

Be active an engaged. It’s your dream home and the largest debt of your life. Make sure you secure both properly.

Best,
Ricardo Bueno

  • Sandiegoremaster says: As a mortgage person, I would advise borrowers to get a copy of the underwriter’s approval and go over it with the loan officer. Set a time table up when each condition will be met. The borrower should be pro-active in making sure tha loan conditions are all met (although most borrowers don’t know this). .Also, by obtaining a copy of the underwriter’s approval, the borrower will know right away whether the loan is do-able or not.

Mark Harmon
First Time Home Buyer Specialist

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