It’s no secret that good preparation is one of the best ways to achieve a desired outcome, but how is this best applied to the mortgage application process? One of the keys to effectively managing the mortgage application process is to ask for documentation up front.
Adopting the practice of asking for documentation up front can have many benefits, especially with the multiplicity of mortgage products available. Without up-front documentation, it can be difficult to know where to begin, but with the paperwork in hand, the whole process will usually go more smoothly for everyone.
Benefit #1: The more documentation you get up front, the easier it is to understand which lender is the best fit for your client. Different lenders offer different mortgage products, and matching clients up with the right lender is much easier if you know from the outset that you can provide the lender with the documents that meet their standards.
Benefit #2: If you have most of the clients’ documentation in your hands early in the process, it will help mitigate and surprises throughout.
Benefit #3: It will help establish your working relationship with your client. It is one of the first steps in guiding your client through the process. Starting in an organized, focused manner builds trust and confidence in your ability and sets the tone for your client’s experience.
Benefit #4: It keeps the process moving efficiently. Knowing any paperwork gaps at the beginning lessens time spent backtracking through previous steps. When your client is ready to proceed with the offer, your file will be complete (or close to it) and your lender will be able to instruct the solicitor quickly.
Benefit #5: You will better be able to help your clients achieve their goals if you know the starting point. Whether it is to lower their monthly payment, repair credit or get the best rate, it will be easier to build a plan if you have solid documentation as your foundation.
Requesting documentation up front is a key step to facilitating the mortgage application process, and consistently abiding by this practice will help both you and your client enjoy a smoother process with a more predictable outcome.
Industry Top Tip: Create a tick sheet with a list of documents that are usually required during the mortgage application processes, and provide it to your clients after your initial contact with them!
