How to Impress During Your Home Loan Interview
Everyone gives you tips for shopping for a home, applying for a loan, and surviving the closing process. Why doesn’t anyone ever mention the home loan interview? Well, if this is the first you are hearing about it these tips will help you nail it.
Arrive Prepared
It is going to be hard for a loan officer to take you seriously or conclude that you are responsible enough for a mortgage if you don’t have everything you need with you. You don’t want to have to make a second trip or scan and email documents for no reason. You should have recent pay stubs, W2s and tax returns for the past two years, and at least two months of bank statements.
Know Your Credit
You can expect to be asked a lot of personal questions regarding your credit, spending habits, job stability, bills, etc. You do not want to have a blank look on your face when you start getting asked about various things on your credit report. You should know exactly what’s on there and if there are entries that need to be disputed take care of this prior and understand it can take 30 days for a reply.
Dress Professionally
Your loan officer is not going to turn you down because you are in factory work clothes or yoga apparel. However, this interview is serious, and their overall perception of your character could be influenced by how you present yourself. You certainly don’t have to be in your best suit, but you should look like you are going to a job interview and you really want to make a good first impression.
Ask Questions
You are going to be able to ask questions, so take advantage of this opportunity. Write down a list of questions to ask. You may have 10 questions you know you want to ask, but once you are in the interview and on the spot, your mind goes blank. Don’t be afraid to write down key points to the answers you get, as well.
Respond Promptly
Even if you arrive as prepared as you can be there is still a good chance your loan officer will request other information and additional documents. Respond to these requests as quickly as possible.
Getting approved for a mortgage can be a lengthy process. Lending is more restrictive now than it was many years ago. Taking the home loan interview seriously and being prepared will leave the impression that you are someone the bank should be willing to put its trust in.