Ask An Expert: Mortgage Banker

Our next installment of the “Ask an Expert” series may be the best one yet. Inside this blog post you’ll find everything our Mortgage Bankers wish you knew about the mortgage process. From do’s and don’ts to getting pre-approved, we hope this information helps!

“My biggest thing that I wish my clients knew prior to contacting me was their real Credit Score and more accurate knowledge of what it takes to purchase a home. For example, what documentation they need to provide to get a good Pre-Approval, and understand what they can reasonably afford and what they will be paying for throughout the loan process.”

-Marty Spurlock, Frankfort Office

Lucky for you guys, we have a blog post explaining what the real deal is with Credit Karma and how you can uncover the mystery of credit! Here’s the link, you can thank me later.

“1. I wish clients knew that the lender should be your first point of contract not the realtor. That way they know they’re approved, for what amount, and at a budget-friendly mortgage payment.

2. I wish everyone knew there were down payment assistance programs and that sellers can pay closing costs. That means no cash to close!”

-Brian Venable, Frankfort Office

Brian is right! My husband and I went with a Rural Home Loan which is 100% financing (no money down!) and we negotiated with the sellers to have them pay all of our closing costs. We bought our house for 20k lower than what we were approved for which allowed us to offer him a few thousand more than his asking price thus convincing them to pay the closing costs for us. Don’t be intimidated, asking the sellers to pay closing costs is actually a really common practice!

“I wish people knew that there are many tax credits available through the Kentucky Housing Corporation. Also, there are so many people working on your loan besides your mortgage banker. From underwriters and processors to appraisers and home inspectors, there are many moving parts to your loan.”

-Justin Carroll, Versailles Office

Justin makes a great point, there are many tax credits and down payment assistance programs out there. Not to worry, we will be posting a blog all about these programs at the end of January!

“Make sure you choose the right person to work with. This is a big investment, work with someone who makes you feel comfortable.”

-Ryan Ramsey, Ashland Office

I hope these tips have been helpful to you! Got more questions? We’d love to chat with you! Submit your question in the chatbox to get started.

Until next time,

Savanna