|
|
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.
|
.jpg)