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Five ways to make the loan process go faster
Your Loan Officer will probably tell you that "working with me, not against me" will be the best way to get the loan done quickly! When you let your Loan Officer help you to find the loan that's best, you truly are taking advantage of some of the best knowledge and expertise in the business. We will work harder for you than anyone else in the mortgage profession today. We will strive to get you a loan decision quickly and to get your loan funded as efficiently as possible.
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. On this website, you'll find a list of things you might need in support of your mortgage application by clicking on Loan Application Info. If you get everything together ahead of time and keep it in a safe place, you can cut down on time spent looking for things later. Also, you'll help cut down on your own anxiety and confusion. |
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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 does not increase your chances of getting a favorable loan. In every case, it makes it harder, and take longer to complete.
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| 3. Respond promptly to requests for additional information. During processing, we or the Underwriter approving your loan may need some additional information. Provide it as soon as you get the request, or return the call as soon as you get the message. |
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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.
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| 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 it is 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 does get you a loan faster, though.
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