Many people believe interest rate/closing costs will determine which mortgage provider is best for them…if it were only that easy.
Today’s home buying process can be exciting as new listings require attention quickly, and negotiating offers can fill up a weekend schedule without notice. Confidence in your Loan Officer and open communication can make a substantial difference in your ability to make decisions to keep the process moving forward.
Reviews or client satisfaction surveys are fantastic resources to help understand all aspects of the process, some of which you may not even be thinking of. Beyond just the rate/costs discussion, you can get a feel for how the clients have been treated and the follow up received through closing.
Here are a few tips about the mortgage process that we feel are crucial, and a “must have” when you select your Loan Officer and Lender.
After the home inspection there is nothing more critical to your closing than the appraisal. Buyers, Sellers, and Realtors are all anxious to hear the results so updates on the scheduling and completion of the Appraisal Report should be expected.
Will I Receive Review Information Prior to Closing?
An absolute must. Nothing makes a closing more relaxing than the ability to review the following documents before you get to the closing table:
- Settlement Statement: The full breakdown of every number and it will show you much money you will be required to bring to closing.
- Original Estimate at Application: It’s important for you to understand what changed or didn’t change from the original estimate.
- 1st Payment Letter: The most frequently asked question just prior to closing is “when do I make my first house payment?” This will tell you where to send it to, how much for, and when your first payment is due.
- Note & Mortgage: Its’ good to know exactly how much you are borrowing, at what rate, and for how long. These documents give you that “piece of mind.”
- Truth-in-Lending: This document is where you find the verbiage that there are NO pre-payment penalties on your loan.
What Type of Funds do I Bring for Closing?
- Experienced Lenders will tell weeks in advance that you will need a Cashier’s Check payable to the title company for the money due at closing. This means you have to be prepared to move money to a local branch where you can obtain the Cashier’s check 24-48 hours prior to closing.
- If you plan on using a bank account that does not have a local branch to obtain a cashier’s check, you can always “wire” the funds into the title company. We will provide you with the wiring instructions to make this happen.
- You can’t write a personal check or bring “cash” to the closing
Where do I go for Closing?
Again, experience lending professionals will give you advanced notice of where you need to be. Nobody likes to feel rushed or unsure of where they need to be for a transaction of this magnitude. You will know exactly the:
- Date of closing
- Time of day for the closing
- Location (address) of where you need to show up to sign the documents
Don’t forget your Driver’s License or your Spouse (and their Driver’s license)!
About First Commerce Financial: We are a local, experienced, professional mortgage broker located in Wixom, Michigan. Our 17 year reputation we have built here is on the line with every transaction we conduct. It is in our best interest to ensure you, the borrower, can ask questions freely and can feel comfortable during the process.
Please check out our client surveys and/or testimonials on our website, or reach out us with any questions at any time. Thank you!