GET YOUR LOAN FASTER
Five ways to make the mortgage loan process go faster
We should say "working with us" is the first way! When you let us help
you find the New York or Florida mortgage loan that's right for you, you
truly are taking advantage of some of the area's best expertise and technology
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:
- 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.
- Be honest and complete when you fill out your application.
"Fudging" your employment history, residence history or omitting open
credit accounts doesn't increase your chances of getting a favorable
loan. In 100 percent of cases, it makes it harder, and takes longer.
- 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.
- 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, the loan processor isn't judging you; they're
trying to fill in all the blanks in their paperwork.
- 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.
|
