Written by Tom Tomasian
What does baking a cake have to do with getting a loan? It’s as simple as this. You need the perfect cake (mortgage) to celebrate one of the most important days of your life (buying a new home). I, as your loan officer, am your culinary instructor, walking you through every step of the process to make the best cake for your individual taste. This isn’t a bakery where you just go, pick out the cake, pay for it, and walk out the door; this will be a very interactive process where you are involved from start to finish. Everyone on board so far? Good.
Your first step is to schedule a meeting with me, your loan officer, to discuss what kind of cake you need for your specific situation. Your ingredients are your financial documents that are required to qualify for a mortgage. The ingredients are very basic for most buyers: tax returns, W2’s, pay stubs, bank statements, sales contract, etc. Without these ingredients, we cannot bake. And, in this recipe, there are no substitutions. The best way to ensure that your cake is ready on time is to provide your ingredients early by getting pre-qualified* before you find a home. Getting a head start will save you time and make the mortgage process much smoother.
Once we have all the basic ingredients we need, the loan process really gets cooking (pun intended). To obtain your mortgage, we have to follow the recipe carefully. The steps in the recipe must be followed in order. When you’re baking, if you lack any of the proper ingredients, or if you try to skip steps in the recipe, then chances are your cake will not turn out as planned. The same goes for mortgages. Just follow the instructions, and you will be on the right track.
Once you’ve provided your ingredients and the mixture has been sent to our underwriting team for baking, your cake is almost ready. However, in some cases, especially when we make a specialty cake, we may need more ingredients. I know that it can seem tedious, but it is an important part of making sure that your cake turns out the way you want. It’s always our goal to deliver the perfect cake to you. Have confidence in your loan officer, and at the end of the process, you will have your cake to enjoy for years to come!
I’d love to help you start baking your own cake today. To begin your no-obligation pre-qualification process, please contact me at 617-866-9900 or [email protected].
*A pre-qualification is not an approval of credit and does not signify that underwriting requirements have been met. Copyright©2017 Fairway Independent Mortgage Corporation. NMLS#2289. 4801 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender. MA Mortgage Broker and Lender License #MC2289. MA Loan Originator License #49810.