ARTICLE: How To Make Sure The Processing Of Your Loan Goes Smoothly
Date Added: 2007-05-25
When applying for a mortgage, there are many things you can do that will either lead to a smooth process and an enjoyable experience, or a very difficult process that leaves you frustrated and flustered over the whole thing. Because it is stressful enough that you are attempting to create the largest debt you will likely have in your entire lifetime, it is important that you know what things to do and what things not to do so as to assure yourself of as smooth, peaceful, and pleasant process as possible. |
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| 4. The borrower goes out of town during the loan process and is unreachable by phone, fax, or e-mail to the lender.Sorry, but not the brightest of moves here. The loan process is a team effort between you and the lender. You are the one with access to the items the lender must have in order to process and close your loan on time. Don't take off for the beach or mountains and forget to at least leave a number you can be reached at. The best thing to do is to stay in town and save the trips until after the closing.
5. The borrower fails to tell the lender that he/she is responsible for child support payments to an ex-spouse. This is no laughing matter. Again, your monthly debts compared to your monthly income are going to be huge factors in determining the size of the loan you qualify for or even if you qualify for a loan. Dont' waste your time or your lender's time by forgetting to share all of your debt obligations as well as all of your sources of income.
Well, there you have 5 things you must make sure you avoid doing if you want to have a pleasant mortgage experience. Owning your own home is one of the great pleasures in life. Do yourself a favor and do the things during the process that will make it as easy on you and your family as possible. You'll be glad you did!
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John N. Moneypenny is a Certified Mortgage Planning Specialist (CMPS) with SunTrust Mortgage in Atlanta, GA. He is a member of the Financial Planners Association (FPA) and an expert in advising clients on how to incorporate their mortgage as a financial instrument into their long and short-term financial plans so as to minimize taxes, increase cash flow, and reduce interest expense. A former two-time All-American tennis player in college, former USPTA Tennis Professional (P-1), and active AA-4 ALTA participant, John specializes in serving the Atlanta tennis community in meeting its need for professional mortgage and financial planning advice. John and his wife of 20 years, Marcy Moneypenny, a Senior Director with CB Richard Ellis, live in Alpharetta, GA.
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