There are so many variables when it comes to getting a mortgage. Many people make the mistake of going it alone without the help of a mortgage broker. With so many steps when it comes to applying for and qualifying for a mortgage you will want to make sure that you take any missteps out of the process. A flawless application process will ensure that you get the home of your dreams with a qualifying mortgage to match.
The first mistake most borrowers make is that they ask too many lenders for mortgages' resulting in an influx of credit inquires. Too many credit enquires put your credit file at risk. A mortgage broker can combat this for applicants by weeding out the lenders who don't fit into the criteria offered by the borrower. Your mortgage broker will only apply for those loans that fit with the criteria you qualify under.
Errors in your loan submission will be viewed as fraudulent activity by the lender. Mortgage brokers can assure that they pull an accurate and up to date credit report for you along with submitting a detailed loan application to lenders to ensure that your loan is processed and all the wrinkles are ironed out before they become issues that you as the lender are aware of. This process is easier for mortgage brokers as they have built relationships with lenders that you perhaps have not.
Another issue that often arises when searching for a lender on your own is that the appraised value of the home is less than that of the price which was agreed upon. When this situation arises your broker will fly into action. In order to resolve this issue your broker will ask if they can re-negotiate the price of the home with the seller's agent. If this fails the broker will ask the lender to ask a new company to come in and re-evaluate the value of the home. If this fails the next option for you is to find a new home that appraises better than the home you originally had an offer on.
In our next installment on mortgages; choosing between finding a mortgage on your own or hiring a broker we will look at other common mistakes made. There are many mistakes that can be made, simple ones at that, if you choose to forgo a mortgage broker and attempt to obtain a mortgage on your own.
Cross Country Mortgage in Brighton, Michigan provide mortgage services for clients including new home loans, refinancing, reversed mortgages, new purchase home mortgages and home equity loans to the entire Livingston County area including Brighton, Howell and Livingston County. Cross Country Mortgage Brighton, MI at http://brightoncrosscountry.com/.