Updated: Dec 6, 2021
This post is intended to fill the average borrower in on what to expect when obtaining a mortgage.
Getting a mortgage can often be a daunting process. But here at HMS we firmly believe it to be a process that is not only worthwhile (because of the loads of money you can save), but that it is also one that does not have to be daunting.
STEP 1 | Pick a Broker
I know it may seem like even ground when you walk into the doors of your hometown bank to get that mortgage, or when you go online to a self service lender (you know the one's with the big superbowl commercials) but the fact remains that these places often have worser rates and higher compensation structures than your local home town broker. Which means, that you not only pay more money after you close the loan, but you pay more money to get the loan.
So... as a brokerage, while we may prefer that you choose us as your lender, and if you are buying or refinancing property in Illinois, Indiana, or Florida you very much should. What we would even more prefer, is that people would stop using banks in general for their mortgage needs. Go to your broker, at the very least it will save you money. But... if you come use HMS, you can guarantee the following:
Small Town Vibes - There are four full time employees. Because of this you will always be working with someone whose name you likely know and whose voice you probably recognize.
Lower Costs - As a borrower you deserve the very best that we can offer. Not just in work ethic, we can give you that easily. But we think you deserve the best rate that is out there for the lowest cost that we can find.
Around the Clock Service - You will get the personal cell number of a broker when you use us and you can call or text that number at any time. We don't have a robocall system and we never will.
Advanced Technology Along With Old School Methods - A lot of banks are stuck in the past, and frankly, so are a lot of brokers, but here at HMS we constantly are updating our systems to provide you with a secure, fast and connected mortgage experience that will leave you wondering why you didn't pick HMS sooner. But don't worry, we can always use the old tried and true methods if you are worried about technology getting in the way.
Step 2 | Apply with HMS
Okay, so you've picked us as your broker because of the obvious reasons above. Thank you for choosing us. The first thing we are going to ask you to do is apply.
During this phase we will engage in four critical steps:
Gather Information - Name, SSN, DOB, Address, Employment Info, etc.
Pull Credit - this will reveal any problems that may hinder you from getting a mortgage, but don't worry, if we can't do you loan because of foreclosure, debt, etc. HMS will do everything it can to put on an achievable path to home ownership.
Talk Options - You've got to talk with a Home Mortgage Specialist before you can begin, the reason is that they will lay out all your options to you and make sure that you have the tools to make the best decision for your future. Our specialists are experts, but they are also great at educating.
Strategize - This step will always happen last. Consider it an initial planning about your loan. Helping you see what your Loan Officer already sees so that there are no loose ends. But remember, you can give HMS a call whenever you have a question. We will always answer.
Step 3 | Submit
Imagine that we are trying to sell a book to a publisher, we have to tell them why they should buy the book, and why that book is worth their while to purchase. That's the same case with a Lender and a Borrower. As a Broker, we are going to pitch a locked and loaded case about why "X" Lender should lend you money. It's going to be Water-Tight.
But it will only take four steps:
(E)-Sign Docs - Don't worry, you haven't committed to anything yet. We just need these so the lender recognizes that we aren't applying for a loan without your consent.
Retrieve and Submit Conditions - The lender is going to give us a list of items to fulfill for the loan to close, there may be questions about big purchases or deposits on your bank statement. They may even ask about previous credit inquiries. Or about employment history. But don't worry. HMS won't leave you in the dark on this. In fact, some of the conditions you won't even hear about because HMS will solve them for you.
Monitor Loan - During this step HMS Monitors whether the lender is keeping up their end of the bargain, and basically makes sure that things are running smoothly.
(Get Appraisal) - The reason this is in parenthesis is that sometimes it doesn't happen. Sometimes we don't need an appraisal. Appraisal Waivers represent approximately 60% of HMS loans.
Step 4 | Close
Easily the most exciting phase, and it's only one step.
You sign the loan and you own a mortgage. Congratulations you've closed your loan with HMS. We'd only suggest that you tell everyone about your new Broker, and how awesome they were to work with.
And that's really it, that's the mortgage snapshot. There frankly isn't much more that we can give you.
Please note that any questions about this process can be addressed to email@example.com you can also find info about applying by calling 309-222-8286.