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Chattanooga Bridal Guide | Mortgage Lender

Hello, my name is Lindsay Peker (‘Pea‐ker’), I’ve been in the mortgage industry in the Chattanooga area for 7 years! I am a licensed mortgage loan originator in both Tennessee and Georgia, and I’m recognized as a platinum producer by the Chattanooga Mortgage Bankers Association. I am a married mother of three, and I take great pride in serving our community and helping families with their lending needs. 

I started in this business as a first-time homebuyer. I worked in corporate accounting and was in the process of buying my first home when I was asked to join the team of folks that were writing my mortgage. I came into the industry with a great love for finance, but with very little knowledge about what it meant to buy a home. 

For me, the charm, and allure is the emotional opportunity the mortgage industry offers. I take a tremendous amount of pride in being a part of your home buying process and it shows in the relationships I build with my clients. Seeing you at the closing table, taking the key to your new home, and knowing I played a part in that milestone fills me with great joy and accomplishment. It’s a tremendous responsibility I don’t take lightly and I will do my absolute best to serve you!    

If you find yourself ready to buy a home, the FIRST thing you should do is contact a lender!

Contact a lender 

If you find yourself ready to buy a home, the FIRST thing you should do is contact a lender! Oftentimes folks think their first point of contact is a realtor, but if you haven’t visited your finances first, you can’t confidently commit to buying a home, can you?   

Ask questions and compare rates/costs 

When you’re ready, you’ll want to make sure you’re working with a reputable mortgage company. Ask questions and compare rates/costs, after all, we are working for you!   

Start the application process! Be ready to provide basic documentation! 

The application process is quite simple and can either be done over the phone or online. Answering a few questions unique to you will allow your lender to visit your credit, income, debts, and work history. You should expect to have to provide some basic documentation as well so your lender can review everything to better serve you!     

Review your options and decide and commit to a budget!

Once you’ve completed the application process, your lender will go over all of your options and make suggestions based on your eligibility. You should expect to receive a ‘loan estimate’ with a breakdown of your rate, fees, and expenses associated with the loan, but also an estimate of your monthly payment, down payment, and closing costs.   

Share with your realtor!! 

Once you’ve tied down all the figures and committed to a budget that makes sense for you, it’s time to share the great news with your realtor!  It doesn’t stop there! Your realtor will ask your lender to provide a pre-qualification letter to show that you are in fact eligible to buy. Most listing agents/sellers will want to see this prior to considering an offer. This letter serves to show that you are not only qualified but that you are ready to move forward as soon as you go under contract. This is your key to success! 

Find the home of your dreams, negotiation, sign the offer! 

Once you have found the home of your dreams, negotiated the terms of the sale, and signed the offer, it’s time to call your lender again as this is when we shine!   

Call your Lender again + wait for the loan writer to review and approve! 

You should expect the loan process to take an average of 30 days to close. This allows your lender to draft your loan package for signatures, and submit everything to be underwritten. What does that mean? It means that everything you’ve provided will be submitted for a loan underwriter to review and approve. 

TRUST YOUR LENDER!

What can you do to make sure this process is seamless? TRUST YOUR LENDER! If your lender requests items from you (and they will), make sure you make it a priority to turn those things in to them as quickly as possible. Be truthful! Tiny details are important so make sure you don’t inadvertently leave them out. 

Also, and likely the most important, follow the commandments! Commandments you ask? Yes, you’ll be counseled on what not to do during the process that may negatively affect your ability to qualify.  

There is a lot that goes on behind the scenes during the loan process and you’ll really appreciate having a lender that is an exceptional communicator so you are not in the dark about how your loan is progressing. Just as much as you’ll appreciate the updates, your realtor will too! That’s such an important part of choosing a good lender, communication is key!   

The phrase you and everyone associated with your real estate transaction is eager to hear is: YOU’RE CLEAR TO CLOSE! That means that your loan has been approved, everything checks out, and the funds to buy your home are ready to be disbursed! This is your magic moment!   

When you’re ready for your magic moment, I’d love to hear from you!  

Call me anytime!   423‐777‐5989, or: Lindsay@homeratemortgage.com  

Review of the steps of working with a Mortgage Lender! 

  1. Contact a lender.
  2. Ask questions and compare rates/costs.
  3. Start the application process! Be ready to provide basic documentation! 
  4. Review your options! 
  5. Receive a loan estimate with a breakdown of all your specific details. 
  6. Decide and commit to a budget.
  7. Share with your realtor!! 
  8. Find the home of your dreams, negotiation, sign the offer! 
  9. Call your Lender again+ wait for the loan writer to review and approve!
  10. CLEAR TO CLOSE! 
  11. Celebrateeeeee🎉

 

Check out more tips from the Chattanooga Bridal Guide here!

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