1) Ask your financial adviser, tax preparer, realtor, family, friends and coworkers who they recommend as a loan originator. You can have it all with the right relationship and still receive fair market rates and fees.
2) Prepare yourself to be responsive and be sure you are ready to access your financial information for the initial application including: 2 years tax returns, 2 pay stubs and 2 monthly bank statements to cover the basics.
3) Make contact with the loan originator that was referred to you and tell them of all the information that makes your situation unique. The loan process may seem invasive, however, it is very important to show all of your cards. It is better to address any difficulties up front, so that your originator can find the best mortgage solution for your needs. Know that the relationship is long term. Over the course of their life, the average person buys, sells and potentially refinances their mortgage several times.
4) Once you have spoken to the referral(s), choose and plan to work with that one person. Rates are constantly in motion and will always be competitive. Having personalized service from a responsive loan originator is key to ensuring that the loan is done correctly and closes on time.
5) From the initial application, preapproval, as well as finding the perfect property, it is critical that you provide all the information that is requested rapidly and completely.
6) Ask as many questions as necessary to make sure you are comfortable with the outcome of the dollars and cents beforehand to avoid surprises. The responsibility is with you and the originator working together for your goals!