The Mortgage Process Pre-Flight Checklist: A Flight Analogy
We use a comparison of the mortgage process with that of a taking an airplane flight.
Why? Because much like with a flight, before a plane takes off, a pilot goes through a pre-flight checklist to ensure that all systems are functioning properly and that the plane is safe to fly. If a loan officer or mortgage broker does not do a proper home buying or refinance pre-approval, getting all the information and documents that will be necessary up front for a smooth on time closing and final loan approval, then you as a homebuyer or homeowner looking to refinance, are going to have a very bumpy and unpleasant journey that often could land you not arriving at your intended destination.
Can you image taking a flight headed to from Denver, Colorado to Tampa Bay, Florida but landing in the ocean instead? Not a fun experience. Just like airlines do airplane maintenance inspections before each departure, check routes for developing weather patterns or potential turbulence before take off, and a pilots make adjustments mid-flight based on this data acquired prior to take off so they know what 1 degree corrections may need to be made to ensure a smooth, safe, and on-time arrival at your intended destination.
Pre-flight Check: When applying for a mortgage, you’ll want your lender to go through a solid pre-approval process to determine you will have a smooth, successful take off and landing at your intended destination. No one wants to end up in the ocean! But it happens all the time because of a bad pre-flight inspection, or sloppy mortgage pre-approval in other words, and mortgage process. It all starts with how it is done up front. Getting a simple, no docs pre-approval will set you up for a very bumpy flight full of turbulence and headache.
Boarding: Once the pre-flight checks are complete, the pilot boards the passengers onto the plane in an orderly fashion for efficiency and on-time departure. In the same way, your accepted offer and agreements, needs list documents and information provided by you with your application are prepared, submitted them to the lender, and disclosed with intent to proceed.
Takeoff: Once all passengers are on board and the plane is cleared for takeoff, the pilot accelerates down the runway until the plane lifts off the ground. Similarly, your once your offer is accepted and you are under contract (clearly a refinance skips this part) the mortgage application will go through an underwriting process where they will evaluate your financial situation, credit, and other factors to determine your final loan approval.
In-flight: During the flight, the pilot navigates the plane through the air, making adjustments as needed to maintain a smooth and safe flight that arrives on-time and at the intended destination. Similarly, during the mortgage process, you’ll need to work closely with us to provide any additional documentation and information the underwriter requires, we will prepare additional documents, order appraisal, we make any adjustments or minor course corrections as necessary to keep you on track and provide continued guidance, communicating with you all along the way just as a pilot and his crew does. In flight beverage service, yep, we have that too, helping you with home insurance, providing advice and guidance on best practices for a smooth transition to your new home. Sorry, no small bag of peanuts.
Landing: As the plane approaches its destination, the pilot begins to descend and make adjustments to prepare for a safe landing rather than just smacking the plane hard on the tarmac and slamming on the brakes to come to a screeching halt. Similarly, once your mortgage application is approved, we’ll make preparations for the closing process with you, review final documents, such as arranging for a home inspection, obtaining homeowner’s insurance, and making sure you have the necessary funds for closing costs, helping you every step of the way with the process, wire of funds, etc.
Arrival: After a safe landing, the passengers disembark from the plane and make their way to their final destination. Similarly, after your mortgage closing, you’ll receive the keys to your new home and begin the process of moving and settling in to your new home. We help you there too, because there are some many things to be done, we try to take as much off your in flight tray as possible so someone doesn’t bounce your tray or worse cause it to come loose and smack you in the face.
A Smooth Mortgage Journey Begins with a Thorough and Solid Mortgage Pre-Flight Check Done Right and Up Front, not Mid-Flight! Are you ready for Your Mortgage Process Pre-Flight Check so you can have a smooth journey to home?
Getting started is easy and fast. Schedule a complimentary strategy call to learn more about the best options for your unique situation to have a smooth home buying or refinance experience free of turbulence with Cederholm Mortgage Advisors at Edge Home Finance.
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