We should say, “working with us” is the first stop! When you let us help find the loan that’s right for you, you’re truly taking advantage of some of the area’s best technology and expertise to obtain a loan decision and funding on your loan quickly.
Five Ways to Make the Loan Process Go Faster
Have everything ready and in one place. 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. Omitting information from your loan application doesn’t increase your chances of getting a favorable loan.
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, and don’t be nervous! The loan processor isn’t judging you, they’re trying to fill in all the blanks.
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, please make this a priority.