Cornerstones to a Successful Mortgage

There are many factors that contribute to success in the mortgage industry both for borrowers and lenders. At times some may seem more important than others. This is due in part because each borrower is different and situations change depending on the borrower.  But they all have a part and play a critical role. Three aspects that should never be overlooked and that should be incorporated in everyday situations along with mortgage lending;

• Communication
• Knowledge
• Understanding

Communication
Communication is often viewed as the keystone to successful business transactions. Proper communication allows for other factors to take shape. Effective use of communication is what makes it possible for lenders to get all pertinent information from the borrowers. It is also the first step in establishing trust between the two parties.

Internal communication is equally important to external communication. Each step of the process is just as vital as the next. When all people involved are on the same page, it assists in confirming that everything is taken care of efficiently and correctly.

Knowledge
Knowledge of industry standards and trends are required. This is beneficial on multiple levels. First, it provides a solid foundation to build creative options for borrowers. Second, the knowledge can be passed on to the borrower. Doing this helps educate borrowers and could assist in establishing trust. Each borrower and their situation are unique. Gathering insight into each individual not only makes it easier to provide creative solutions but also may facilitate building rapport.

In the age of technology, online resources are abundant and readily available. Calculators can aid in providing baselines for situations such as debt consolidation and home refinance. Other sites such as Lending Tree and NMLS Consumer Access can provide more in depth knowledge about lenders.

Understanding
A person’s financial situation can fluctuate throughout a lifetime. Some situations may change continuously, such as income. Others may change abruptly, for instance, medical expenses. A proper understanding of each particular situation is fundamental for borrowers and lenders. This understanding can help establish a plan on how to advance through the mortgage process. In addition, expectations can be set on a plan of action after the funds have been transferred, if needed.

Each step of the mortgage process is important and deserves the utmost attention. Communication is beneficial to the process and can help to ensure that everything gets done properly. Knowledge could provide more creative solutions for borrowers. Understanding may go beyond the process and lay out what steps to follow further down the road. All are important and may help in offering a better quality of life to borrowers.

Written by: Jim Groth, Senior Load Advisor
Published: 09/01/2016