How to Cure the Mortgage Process Migraine

loan application mortgage

This article is sponsored by Trinity Oaks Mortgage.

When you think of applying for a mortgage, does a mild migraine suddenly begin with the thought of all the paperwork involved? Applying for a mortgage is considered one of the more stressful processes that we put ourselves through in life. It’s a long and challenging journey, albeit one with a happy ending.

For many people, buying a home has been a lifelong dream. Sometimes, that path from dream to a mortgage can feel a little daunting, so let’s break it down.

Pre-qualification

paperwork writingAs a buyer in a hot market like Frisco, it’s important to give yourself an advantage over other buyers when house hunting. It starts with being pre-qualified for your mortgage.

Naturally, sellers want the best offer but they also want a buyer who is ‘ready to go’ so they can process the sale quickly.

Preparing for the pre-qualification conversation begins by submitting basic ingfo to your loan officer. Their questions might be along the lines of:

  • What is your family plan for the next five, ten, or even fifteen years?
  • Do you have a general financial plan?
  • Do you currently rent, but are afraid to own a home?
  • Do you want to own a home, but you’re not sure how much you can afford against your current income?
  • Do you have savings or have released assets for a deposit to purchase a home?
  • How can we put you in the best financial position for a home purchase?

Loan Application

As the buyer, you’ll need to carefully review and complete each section of the Loan Application and provide documents such as bank statements, tax information, pay stubs, and a valid driver’s license for review. The chosen lender will review these to verify that you earn enough to afford your expected monthly mortgage payments.

Appraisal

financing mortgageOnce an agreed offer is in place for a home of your choosing, the lender wants to know if your selected house is worth what you as the buyer have agreed to pay.

Here, the appraiser visits the property to review all details of the interior and exterior of the home and checks recent comparable sales in the area to determine its value.

Underwriting and Loan Approval

The Underwriting team then verifies that all your information and documents provided are true and correct. Some clarification on key figures or items may be required, however, if deemed to be in order they quickly move to offer.

Once the Underwriting department approves your loan, it’s then passed to the closing department who prepares your final documents. This is known as a Closing Disclosure consisting of a breakdown of costs which you personally approve.

Closing day

Providing all documentation is in place and all associated figures are verified, this is the day the whole transaction goes through and you finally become homeowners. Be sure to set aside a comfortable amount of time for this meeting.

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Pro Tip: Partner with trusted experts.

Whether it’s your first time or even fifth time purchasing a home, Trinity Oaks Mortgage is prepared to partner with you each step of the way.

We love our customers generously by orchestrating a simple home buying experience that positively impacts their lives.

While many firms offer an online service to process a loan application, Trinity Oaks Mortgage blends easy-to-use technology with personal interaction so they can develop a strong relationship with every client. They pride themselves on embracing honest communication throughout the journey to home ownership, and beyond.

Experienced, personable loan officers are on hand to guide you through the key steps of the process, in a smooth, efficient manner and provide guidance at each stage.

Along the way, you can access helpful tools and calculators to explore loan affordability and discover what a typical mortgage payment may look like.

Whether it’s a first-time purchase or you’re ready to refinance, think of your loan officer as someone who can provide education and guidance so that you fully maximize your investment potential.

What sets Trinity Oaks Mortgage apart from others in the business?

In a high-tech world where you can process and purchase almost anything just by a few clicks, the Trinity Oaks Mortgage team believes that clients still want to put a face to the name and work with someone they can trust.

Processing one of the biggest lifetime investments is nothing less than a high-trust transaction. Client’s value someone who is local and knows the immediate market well as opposed to being just a number in a larger institution. TJ Henley, President of Trinity Oaks Mortgage, explains,

Frisco is one of the fastest growing home markets throughout the US, providing a great quality of life. But that also presents a busy lifestyle for families… We want to be intentional with the experience the consumer has and hold your hand through the process, taking the burden away and provide a fast and simple process. We want to create a better quality of life for our clients any way that we can, so we aim to orchestrate an experience for our customers that makes financing your home as enjoyable as owning it.

Mark and Patricia Abe described their experience with Trinity Oaks Mortgage this way:

We worked with exceptional staff that were incredibly professional and set us at ease with the process, making the mortgage process relatable. We had never dealt with a mortgage company one on one before. They did an excellent job of laying out the process and what was going to happen and understanding documentation so there were zero surprises at closing. Every step flowed one to the next and right up to close. They recognized our individual needs and took the time to work through them with us. We were treated graciously and it all could not have gone smoother.

To explore options on your first or next home purchase – and avoid the homebuyer’s headache – contact or stop by the new Frisco branch of Trinity Oaks Mortgage in the Shops at Starwood.


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