How to Nail Your Home Loan Interview

You are saving up for your down payment on your new house, and you’re curious to how much you will qualify for, and what the inspections might say. But one thing you are not anticipating is the home loan interview. This is where I will teach you a few tips to nailing this interview.

They will probably ask you about your housing goals, your financials, budgets, and your credit payment history. It does get rather personal, so be prepared. The following tips will make this interview be much easier for you.

  1. Dress for success – The idea here is to treat this interview like you would a job interview. There’s a certain perception of a person who is dressed nicely vs a [person who looks too casual. If dressing like a boss makes you feel more confident, then by all means dress like a boss. Dressing in a manner that exudes a se5rious commitment to paying a mortgage, your loan officer or broker will surely be willing to help you.
  2. Come prepared – This is a serious matter, so treat is as such. I would not recommend going into this ready to wing it. You will need appropriate preparation for your loan adviser to serve you to the best of their abilities. You will want to bring your past two years tax returns and W2s, most recent pay stubs, and two months of bank statements. What they want to see here is proof of income, good credit, good savings, and so forth. But the credit is the biggest part.
  3. Ask anything, no such thing as a dumb question – Have yourself a list of questions for this interview. The loan officer should answer everything you have, whether it’s about the process, what they need from you, or the timing of the approval.
  4. Respond honestly, and in a timely manner – Once your loan officer asks for the items needed from you, it’s best to get them back as quickly as possible. This helps them get your loan complete. You will be asked for items that seem unrelated and silly, but they’re serious about it. Rules rule now, and no one can just think you’re good for it and give you a loan. It’s a procedure everyone must adhere by.

Lastly, you should expect good service. For all the tedious things they are making you d0o, you owe it to yourself to ask good questions, and know the whole process inside and out. Best of luck!

Discussion

#1 Posted by Allen Kors at 4/22/2015 5:22 PM
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