| |
Five ways to make the loan
process go faster
We should say that "working with us" is the
first way! When you let us help you find the loan that's
right for you, you truly are taking advantage of some of
the area's best technology and expertise to get you a loan
decision and funding on your loan quickly.
But here are five "other" ways you can speed
up the process of getting a mortgage loan:
| 1. Have everything ready and in one
place. Elsewhere on our website, 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,
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. |
2. Be honest and complete when you fill out your
application. "Fudging" your employment or residence
history or omitting open credit accounts you'd rather
not have considered doesn't increase your chances of
getting a favorable loan. In 100 percent of cases, it
makes it harder, and take longer.
|
| 3. Respond promptly to requests for
additional information. During processing, we or
the lender considering your loan may need additional
information. Provide it as soon as you get the request,
or return the call as soon as you get the message. |
4. Be prepared to explain derogatory items in your
credit report. This is really part of number 2 above.
If you had an illness or a divorce where you missed
or made late payments, or you have other instances of
late payments or delinquencies on your credit report,
be prepared to explain them. Be honest, and don't be
nervous! The loan processor isn't judging you, they're
trying to fill in all the blanks in their paperwork.
|
| 5. Let the appraiser in! The
appraisal is one of the lengthiest parts of the mortgage
loan process. 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 say what the house is worth
clean and tidy and in reasonable repair, even if you have
some dirty laundry on the laundry room floor or dirty dishes
in the sink. Cleaning doesn't get you a higher appraisal!
Letting the appraiser in as soon as possible gets you a
loan faster, though.
|
|
