BEFORE YOU ROCKET YOUR HOME MORTGAGE
Digital mortgages is all the craze. Many if not most lenders are now on board to get documents esigned, home buyers and those who want to refinance can apply online. Frankly a good portion of the home mortgages I close I don't see the borrowers until closing. Online applications and esigning has made everything easier.
Before you rocket your home mortgage, however, stop and think about what you are doing. I have originated home mortgages for over 20 years. Even if I get an online application I am going to touch base before I pull credit and put that inquiry into my pipeline. Why? The biggest reason why is I want to make sure the contact is ready to buy. I want to make sure they are somewhat familiar with the process. I want to avoid unnecessary inquiries on credit reports.
Among other things I usually will counsel folks as to how they may get the highest credit rating possible. Once I pull credit the score I get is the score we have to live with. Interest rates can change depending upon the credit score. I want borrowers to get the best rate possible.
I can rocket a home mortgage when it comes to processing and closing the loan. I work with the fastest network of lenders in getting this done. I use esign. I use early disclosures. I keep borrowers on track to meet their closing dates. What I don't do is rush through the part of the process that explains options and sets expectations. I make sure the borrower is ready to buy before I pull credit so I'm getting the best score possible and avoid having to re pull credit because so much time goes buy credit expires. Credit inquiries can affect credit scores so don't rush through this part of the process.