Buying a home is probably one of the most exciting things you will ever do in your life. It is also a very stressful process that you could feel your nerves a little frazzled over. For many, the home loan interview is what causes the most anxiety, but if you follow these tips to make sure you are prepared, you will leave the meeting knowing you nailed it.
1. Practice – Chances are good you have a friend or family member who has gone through the process. Give them your personal documents and let them drill you with questions. Take it seriously, because although you may find some of these questions silly or irrelevant, they know that loan officers often ask questions that seem odd.
2. Dust Off Your Dress Shoes – You don’t have to arrive wearing the nicest outfit in your closet, but you should look professional. Dress like you are going to an important job interview. You know that first impressions count. So, even though your appearance should not necessarily matter the loan officer may form an immediate opinion of you. Hopefully, it is one that says you are taking this process seriously.
3. Create a Thorough File Folder – You should have all necessary documents with you and organized. This includes check stubs, bank account statements, and tax returns and W2s for the past two years. Take the time to make sure these documents are organized and in order according to date, so they are easy to read through.
4. Be Prepared for Credit Questions – You are going to be asked questions about your credit, so make sure you are ready. Get your report from all three bureaus 60 days prior, so you can address any discrepancies. Then, run it again prior to the interview, so you know exactly what your current one looks like.
5. Get Answers – You will have the opportunity to ask questions, so make sure you do. Don’t feel as though you are bothering them, and know that there are no dumb questions. There probably is not anything you are going to ask that they haven’t been asked countless times before.
6. Promptly Reply to Requests – If you are asked for additional information, get it to them promptly. Keep in mind that there are specific guidelines to the loan approval process. Not every request may make sense to you, but it is important.
The home loan interview is a process many people lose a lot of sleep over. It is normal to be nervous because it is a big deal. However, you will nail it and leave feeling like it wasn’t as scary as you anticipated if you use these tips to make sure you are prepared.