Five ways to make the loan process go faster
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. Once your loan officer advises you of the items needed to complete the preapproval, be sure to scan theem to a PDF fle so that the documentation is clear and crisp. Sending any type of "image" of a document results in distortion and the clarity is compromised. Be sure to send (all pages of bank statements, even blank).
2. 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.
3. 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.
4. 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.
While a clean house should not affect the value, best practice is for your home to be as clean and tidy as possible.
5. Once you get your 4 point inspection and wind mitigation inspection reports back, be sure to start shopping around for home owners insurance as soon as possible. As an added service to you, we are happy to request a quote on your behalf from an insurance broker who can shop the rate around to some different companies.