How It Works
6 Steps To A Smooth Mortgage Loan Closing
The mortgage business can be a complicated industry. Understanding the workings of the Windsor mortgage loan market is important, and a good mortgage agent will act as your guide, helping you to successfully navigate through muddy waters.
To give you a better idea of how the process works, listen in on a 5 minute conversation I had with Tracey, a client of mine. Although this call is about refinancing, it paints a "real life" picture of what you can expect when you call.
Step 1 - Getting You Qualified
- We determine what you are qualified to borrow.
- We factor in every option available
- We create a strategic plan to increase your borrowing power
Step 2 - Discuss Loan Types
- We assess your financial and personal situation.
- We discuss your specific vision and goals.
- We then help determine which type of loan is best-suited for you.
Step 3 - Lender Screening
- Depending on your windsor mortgage loan, I calculate best case cost savings scenarios, refinance options, equity options, cash flow savings or interest savings, purchase options, and more.
- I screen rates and promotions of every available lender, and on your behalf, negotiate terms that fit your goals best.
Step 4 - Cost Assessment
- Review all lender costs involved in completing the loan.
- Assess which direction is most advantageous for you.
- Explain mortgage insurance and title insurance options.
Step 5 - Loan Approval
- From loan application to the final approval of the loan.
- Explain the role of all people involved in the closing of the loan.
- Plan for a convenient closing date.
Step 6 - Closing
- Preparation of the most crucial part of the entire mortgage loan process.
- I provide you with the details of closing: who needs to be there, what documents to bring, and what documents to expect to sign - very important!
