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.
