Mortgage Lending 101

We asked Mortgage Consultant Lindsey Faust, with Paragon Bank in Oxford, to share some tips about taking the proper steps to qualify for a mortgage as well as offer some suggested questions you might want to ask your lender. Here’s what she had to say:

• A typical purchase from application to closing could take 30-60 days. (A 30-day closing means: the borrower has brought all income and asset documentation, has promptly returned all signed disclosures, the title work and appraisal were done in a timely manner, there are no issues, etc)

• Do not take out any new loans prior to or during a mortgage application. New credit pulls can and will affect your credit score. If your score is on the line, then it could mean a higher interest rate on your mortgage.