Nail Your Home Loan Interview
As if buying a home is not stressful enough already, now you have to survive an interview process, as well. The idea of being asked a bunch of questions by someone who may ultimately decide your home-buying fate is quite intimidating. However, if you follow these tips to make sure you are prepared, you will nail the interview and leave a positive impression.
1. Treat it Like a Job Interview
If you were interviewing for your dream job, you would dress professionally and arrive on time. It is important that you do the same for your loan interview. Your loan officer is not going to turn you down because they don’t like what you are wearing, but you should not be leaving them with the impression that you just don’t care. Also, being punctual is important. They are busy and likely have appointments scheduled after you. If you arrive late, your interview may be rushed so others after you are not inconvenienced.
2. Be Organized
You know your loan officer is going to ask you for your pay stubs, filed tax returns, and bank account statements, so have all these items organized and ready to present. You shouldn’t be digging paper out of random pockets or trying to flatten out wrinkled documents.
3. Turn Your Ringer Off
There is absolutely no excuse for your phone to start playing a song during your interview. Make sure you turn the ringer on silent. Putting it on vibrate can be just as distracting, if you get a lot of calls.
4. Make Eye Contact
Your loan officer shouldn’t get the impression that you are lying or unsure of yourself. Make eye contact and be confident in your answers.
5. Know Your Credit Report
You should know everything that is on your credit report long before your loan interview. If something needs to be disputed, handle it prior to applying for a loan. You may be asked why all your credit cards show 30 days past due 2 years ago or why your current bill with the electric company is so high (they may assume you are behind).
6. Prepare a List of Questions
You probably have a long list of questions running through your mind all the time. Now is your chance to get some answers. Write these questions down, so you don’t forget any while you are in the interview.
The interview process for a mortgage can be a little stressful, but if you are prepared you will come across as confident and leave a strong impression. Always follow up promptly with any additional information or documents requested, and be sure to thank them for their time.