Set yourself up for a great mortgage rate

As a mortgage originator one of the best ways I can help a prospective homeowner is to set expectations about process, rate and program guidelines well in advance. (The following information will also be true for those looking to refinance).

Be ready to ACT not RE-ACT. This, by the way, is also a great way to plan in life in my opinion.

In the mortgage business this means that you, as a borrower, should have your necessary documents "on hand" and all supporting documentation available if requested. For example: If your bank statement shows a $10,000 deposit that is unlike any other event on your bank statement, you will need to be ready to explain the deposit and also provide where the funds came from and SHOW where the funds came from.

Perhaps most importantly, you want to be sure you don't miss out on a great rate. In order to get the best rate you need to allow for the market fluctuations to lead you there. Rates can change weekly/daily and it is not uncommon for rates to vary up to a 0.25% in a given day. When working with your mortgage lender or broker, be sure you are clear on what is "good" and what is "great" when it comes to your rate expectations. Allow them to lock when needed and be ready to close quick (in some cases the rate lock can be 15 days or less so will need to hustle).

Happy house hunting everyone and be sure to plan ahead!