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6 Tips for First-Time Homebuyers Who Are Frustrated By the Mortgage Process

Posted by Cindy Davis on August 19, 2016 at 1:34 PM

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The process of getting a mortgage for a first-time homebuyer used to be fairly straightforward. All you had to do was meet the minimum qualifications that your lender specified and you were good to go. But that just isn’t the case anymore.

Today, it seems like lenders are looking into every detail of every mortgage with a fine-tooth comb before they are willing to sign off on anything. This has made the process of getting your first mortgage incredibly frustrating, and many people are actually throwing in the towel and giving up before they get to the end of the process.

first-time-homebuyer-mortgage-process.jpgIf you are about to embark on your own quest for a first-time homebuyer mortgage, you need to be prepared for the challenging road that is in front of you, and we’ve got six tips to keep you focused on the finish line.

Find a First-Class Mortgage Broker

There are two types of mortgage brokers out there: those who will be honest with you about what you need to do to get a mortgage, and those who tell everyone what they want to hear just to get them in the door. You obviously want to be working with the former.

The best way to choose a mortgage broker is to ask around and find someone that other people have had success with recently. Your real estate agent will also be a good source of information here.

If you wanted to ask us which Mortgage Broker we trust and recommend we will always encourage you to take a look at Carrington Mortgage Services. We are not just saying that because they are in the Carrington family of companies. We say that because they are trusted all across the nation and have to expertise to help you with any of your mortgage needs and questions.

Understand What Banks Are Looking For

When they are going over your loan documents, many of the loan officers at today’s banks are looking to mark off certain boxes on their checklists. That’s why it is important to give them exactly what they are looking for, no more or less.

Those checklists are designed to weed out potential problems down the road, so make sure that you present yourself in a manner that doesn’t raise any red flags. Your first-class mortgage broker should be able to give you a clear picture of exactly how each specific bank wants you to look on paper.

Don’t Take it Personally

The lender you are working with will almost certainly come back with a list of documents that they need in order to sign off on the loan. This might include things that you think are completely ridiculous, but don’t take it personally. They do this to just about everyone.

We have seen banks demand everything from written explanations documenting where certain gifts came from, to requiring an explanation for the living arrangements of first-time homebuyers who still live with their parents. Nothing is off-limits to the banks these days, and you have to play along to get the mortgage…just don’t take it personally.

Don’t Overreact to Bad News

Shortly after you submit to the bank’s long list of demands, you will probably get a call from your mortgage broker with some bad news. This seems to be the case with pretty much every loan these days, but the key is to not overreact.

The bad news might be something about the appraisal or the inspection, or it could be bad news about the actual mortgage. Regardless of the situation, it is almost never as bad as it sounds when you are first hearing it. So give yourself a few days to relax and process the news, then proceed with whatever path your agent and broker recommend.

Don’t Take Your Frustrations Out on Your Team

It is also important to remember during the mortgage process that your agent and your broker are both on your team, and so are the appraiser and the inspector. If these people are all doing their jobs correctly, they should have your best interest at heart, so don’t take out your frustrations on them when certain bumps in the road start to aggravate you.

Stay the Course

There will be points along the way in just about any mortgage process that will make you want to give up. Don’t let that happen. Think about this entire process as a test, and as long as you stay the course you will be able to pass with flying colors.

From top to bottom, the entire process of getting a mortgage today is more complicated than it was even just a few years ago. However, the end result of actually owning your first home is more rewarding than ever. So despite your frustrations, it is important to stay the course and get to the finish line.

Topics: Buyer Resources


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