Five ways to make the loan process go faster
I will help you find the loan that's right for you. We take advantage of some of the nations best technology and expertise to get you a loan decision and funding of your loan quickly.
Here are five ways YOU can speed up the process of getting a mortgage loan:
1. Have everything ready and in one place. On my website Home page, click the Button "Application Information", you'll find a list of things you might need in support of your mortgage application. If you get them all together and keep them in a safe, portable place like a special pouch or folder on your computer, you can cut down on time spent rooting around for things we may need. Also, you'll help cut down on your own anxiety and confusion. To protect your information, you may either scan and fax, or upload them to my secure website, or I will pick them up from you, and we will be glad to copy everything, and then return the originals to you. Make sure you collect ALL pages of each document, even if the last page of your bank statement is blank. The pages are numbered, and the underwriter will want to see all the page numbers, even the blank page!
2. Be very exact with information requested and honest when you fill out your application. Please provide exact dates on your employment and including all residence history increase your chances of getting a favorable loan quickly. In 100 percent of cases, it makes it easier and saves a tremendous amount of time and frustration. You would be amazed what shows up on your credit - like employment and public records. The underwriter will compare this information to the application, so being as detailed as possible is the key to a quick and easy loan process.
|3. Respond promptly to requests for additional information. During processing, I, or the underwriter, considering your loan, may request additional information. It may be as simple as updating your latest bank statements or paystubs. Depending on how long it takes to negotiate a sales contract, it may be necessary to update this time sensitive information. Please provide the documentation as soon as requested, and remember to return our call as soon as possible once you receive a message. The best offense is a good defense so send us the latest paystubs and bank statements as soon as you receive them throughout the loan process, and we will always be up to date on all your information and close your loan very quickly.|
4. Be prepared to explain derogatory items in your credit report. If you had an illness, or a divorce, where you missed or made late payments, or you have other instances of collections or delinquencies on your credit report, be prepared to explain them. Be honest, and don't be nervous! The processor and underwriter are not judging you, they're trying to fill in all the blanks in their paperwork which they are required to have in the file in case they are audited or if they sell the loan.
5. Let the appraiser in! As soon as we receive the fully executed contract from your Realtor, we will send it to the lender, who will order the appraisal. The Listing Realtor will receive the call for the appointment to meet with the appraiser so he or she will be able to inspect the property. The appraisal is one of the lengthiest parts of the mortgage loan process.
If you are refinancing, studies have shown that the single biggest factor in appraisal "lag time" is the appraiser's inability to reach the homeowner to make an appointment. If you're refinancing and the appraiser calls to make an appointment, make it as soon as convenient for both of you.
And remember that the appraiser doesn't want to buy your house. He or she will determine what the house is worth in todays market based on the most recent and similar sales in the neighborhood and they are responsible for listing any repairs noted. For those of you refinancing, cleaning doesn't get you a higher appraisal! Letting the appraiser in as soon as possible gets you a loan faster, though.
It's a jungle out there, let me be your guide and I will get you there swiftly and safely in no time!