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Can I Get a Loan? All About Mortgage Application Interviews

August 5, 2016 | Author: | Posted in Mortgage & Debt

Any first time home buyer Arizona prepares himself with the process to avoid possible problems that may affect approval. The application process involves a lot of procedures including mortgage application interview. Here are vital information that introduces this process.

What is the Mortgage Loan Interview?

A mortgage loan interview is like a simple interview process to know the applicant. Lenders refer to submitted documents to know whether a person should be approved of loans. However, they still need to conduct interviews to draw out multiple information to complete the applicant’s profile in their database.

Goal of Conducting the Interview?

The main goal of conducting the interview is to know the client better. Just like any job interview, mortgage application interview gives lenders an idea about their clients’ profiles. Even if they look for their actual financial data, they want to make sure that the entries are consistent with the applicants’ responses to the interview.

Interview Schedule

Interview schedules vary depending on the approving mortgage brokers. Generally, the lender will call the applicant after receiving his application online. This is the phone interview conducted in line with the application. Borrowers can set multiple application to different lending agencies to compare the best deals available.

In case the interview was not automatically scheduled, the applicant can call the lender and set an interview schedule. Some lenders designate special phone numbers for interview scheduling. When scheduled, they can wait for the mortgage representative’s call for the short interview.

Some lenders may not conduct the interview through phone. Applicants may need to come to the lending office for a personal interview. Again, this can be scheduled through phone then a representative will call the applicant for the schedule. Lenders often conduct this interview for applicants living near their branches for convenience.

This interview is quite simple and usually completed in 30 minutes.

Common Questions Asked?

As of today, lenders and borrowers haven’t disclosed common questions asked in these interviews. Borrowers in other countries shared their experiences with the interview, which will be discussed later on.

Since the interview is conducted for mortgage application, buyers can expect common questions related to their financial status. They will ask information that are already noted on documents and other personal questions related to their lifestyle. This is probably to ensure they have sufficient finances to pay for the loan or is responsible enough in handling long-term debts.

Tips on Passing the Interview

New homebuyers will benefit from some tips regarding this interview. As first time buyers, they tend to be nervous with the application process. The first thing to remember is to avoid being nervous during the interview, especially if you’re doing it by phone. The advantage of doing a phone interview is you won’t see the person, which can lessen your nervousness. But, it also has its advantages as you will only be judged with how you sound during the interview. Remember that being nervous about the interview won’t do you any good, so stay calm.

Another thing to remember is to say the truth when asked. As long as you’re not lying about your financial status and other issues, you will remain calm and confident.

What to Do After the Interview?

Once you’re done with the interview, the lender should give you a list of things to do. If approved, the lender will start processing your loan and send you a pile of documents needed for review and signing. The process varies according to the lender, so it’s best to ask them directly about the next procedures to do.

In case your loan is not approved, visit the lender then ask for reasons behind loan denial. Lenders should give you sufficient information that will be helpful in fixing your financial profile or credit score.

Comparing Interviews with Other Countries

In other countries like United Kingdom, borrowers reported to be asked some bizarre questions. Common questions include possible salary increase, frequency of dining out or eating stakes, plans of having more children, haircut spending, and a lot more. They may be bizarre questions and not directly related to a person’s financial profile. However, it gives lenders an idea about the applicant’s lifestyle and how he handles his money.

Looking for conventional and VA home loan rates is the first part in getting a mortgage. With the interview as part of the process, every buyer should be prepared to answer questions truthfully. It’s a simple process and even first time buyers should not fuss over it, to the point of scaring themselves.

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Max is a native Phoenician who is working as one of the stuff at The Eddie Mortgage Team with over a 6-years of experienced as SEO Specialist.

This author has published 5 articles so far.