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To "cross the Rubicon" is an idiomatic expression that refers to making a crucial and irrevocable decision or taking a decisive action that commits someone to a particular course of action. It originated from a historical event when Julius Caesar, a Roman general, crossed the Rubicon River in 49 BC with his army, defying the Roman Senate's orders not to bring armed forces into Rome. This act marked the point of no return, as it initiated a civil war and ultimately led to Caesar's rise to power in ancient Rome. The phrase "crossing the Rubicon" for Rubicon Coaching means going where you haven't gone before and going to where you want to go without looking back. 

​If you're ready to be, do and have everything you want in business and life, Rubicon Coaching can help you.

What Do You Say or Give to Your Borrowers at Application About the Mortgage Loan Process?

3/21/2024

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As a Mortgage Loan Originator, what do you say or use to help your borrower understand the process?  This week’s BLOG gives you some ideas of what you could say or give to your borrowers to insure a successful closing.  When I was an originator, I had a document that I asked the borrowers to sign at application to show they understood this process.  That signed document did save me once from a lawsuit from a homebuyer who did not follow my instructions and purchase a new truck 30 days prior to closing and no longer qualified.
 
I hope this information is useful to you and helps you to successfully close more loans and help more families.  Here is the document.  Feel free to use it verbatim or change as you see fit.
 
"Congratulations on submitting your residential mortgage loan application! Here's what you can expect moving forward, and how you can prepare for the next steps in this journey:

First off, it's crucial we stay in close communication. You might hear from me or someone from my team asking for additional documentation or information to support your application. Quick responses from your side will help keep everything moving smoothly. And, of course, if you have any questions or need clarification on anything, I'm here to help.

​Now, about your finances: It's important to keep things stable during this process. That means avoiding any big purchases that could affect your debt-to-income ratio. Also, try not to apply for new credit cards or loans, as these can impact your credit score. Keeping your job situation steady is also key – lenders like to see stability in your employment history.

Let's talk about your credit:
It's a good time to check your credit report for any errors that might need correcting. Remember, maintaining good financial habits, like paying your bills on time, is crucial during this period.

Preparing for the appraisal and inspection is next if you are refinancing your current property.
The lender will arrange for an appraisal to assess the home’s value. Making sure your property looks its best can contribute to a favorable appraisal. While not always required, a home inspection is highly recommended to identify any potential issues with the property.

Understanding the waiting process:
Processing a mortgage application can take some time, and patience is key. You'll receive a Loan Estimate and, later on, a Closing Disclosure. These documents outline your loan terms and closing costs, so review them carefully.

Getting ready for closing:
You'll need to have your closing costs ready, unless we've made arrangements to include them in your loan. A final walkthrough of the property ensures everything is as expected. At closing, you'll review and sign several documents – it's important to understand what you're signing, so feel free to ask me any questions.

Lastly, keep all your documents related to the mortgage application and closing.
These could be important for future reference or tax purposes.
Every mortgage process is unique, and sometimes unexpected issues can come up. My role is to guide you through this process, keep you informed, and help you tackle any challenges that arise. Remember, I'm here to support you every step of the way."

I hope this dialogue provides a clear and friendly overview of what to expect and how to prepare after applying for a mortgage loan!


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    Ken Grant

    Ken is a certified Ziglar Legacy coach, trainer and speaker.  Ken can help you to achieve the level of success you desire.

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