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:
- 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 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 or residence history or omitting open credit accounts you’d rather not have considered won’t help you get your loan faster. It also 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, your lender may need additional information. By providing it as soon as possible, or returning the call, will help you get your loan faster.
- 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 other 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 you get your loan faster.
- 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 will say what the house is worth in reasonable condition, even if you have some dirty laundry on the floor or dirty dishes in the sink. Cleaning doesn’t get you a higher appraisal but letting the appraiser in as soon as possible gets you a loan faster.
Click here to fill out our short form loan application. We can connect you with a member of our team of mortgage professionals on your own unique road to financial freedom.