I’ve worked for a mortgage company since I graduated from the University of Montana (Go Griz) in 2013 with a finance degree. Since then there have been multiple changes, most of them actually make getting a mortgage a little easier as restrictions are loosened. The one constant I see is that people rarely know what’s going on throughout their loan process. I’m not talking about first time homebuyers, I’m talking about EVERYONE! VP’s of small companies, business owners, sales managers, pretty much anyone you can imagine. Why? 63% of Americans (US Census) are homeowners according to the US Census Bureau, you would think this should be common knowledge.
So what makes navigating a mortgage such a damn mystery? I tried doing research on navigating a mortgage as if I knew nothing at all about buying a home. Naturally, I have a bit of an advantage in knowing what to search for and who to speak to in order to get credible information so I took a different route. I spoke to any friend or acquaintance that owns a home or is looking for one to see what they did to get educated then I did exactly what they did. Here were the main bits of advice that I received and tried.
– Talk to friends and family to see if someone knows about mortgages or knows a person who does.
– Google rates, mortgages, loan officers, etc. in the area you are looking for a home and contact those people.
– Go to your local bank and see what they can tell you
All of these returned good info about starting my loan but, I had to fill out an application or get some sales pitch about why ABC bank/mortgage is the best. I wasn’t looking for how to START a mortgage, I want to know what to do once I already started the loan process. All my research returned next to nothing and what I did find was very vague and basically condensed 30-45 days of mortgage stuff into a paragraph or a couple bullet points. Going through a mortgage is not hard but it takes more than 3-5 sentences to explain how to get through, so that’s exactly what I’m going to do. Over the next 6 blog posts I will break down each step you’ll go through to get a mortgage in the state of Texas. We will go in chronological order (Week 1 – Week 4-5) so you can follow along as you go through your mortgage.
Mortgages are confusing monsters that can take years to perfect but luckily, you don’t need to be a mortgage genius to get through one. This blog will not make you an expert in all things mortgage because that would be a waste of your time and mine. The average american will have 3-6 mortgages in their lifetime so why become an expert in something you will do once every 5-15 years. This blog will get you educated ENOUGH to navigate every mortgage process with confidence.
If you have any specific questions or issues that you want me to address, please leave a comment and I will address them in the next blog posts or possibly in the comment section.