Arranging a mortgage can be an exhausting process, especially if you aren’t familiar with the process. By the time the whole thing is done you can be left feeling like you’ve just completed a gymnastics competition. In order to ward off the potential pains and strains make sure you familiarize yourself with the process and work with a trusted mortgage professional.
Although the steps are the same for all mortgages, everyone’s personal situation is different so you can expect a few unexpected twists. Here are the usual steps:
1) Shopping for a trusted advisor
2) Application and conditional approval
3) Gathering required lender documents
4) Property valuation
5) Shopping for a trusted lawyer
6) Gathering required legal documents
7) Mortgage closing
The benefits of working with trusted mortgage professionals comes in the details between the steps. This includes things like determining the best mortgage to meet your needs which doesn’t always mean the best mortgage rate. You’ll also notice big benefits when it comes to gathering and packaging the mountain of required paperwork. Most important of all a trusted mortgage professional will give you peace of mind.