Five ways to make the loan process go faster

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 the newest technology and superior 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. Tell your story. What do you really want to do? Whether you want to purchase your very first home, move up to a larger home, buy a vacation home or investment property, everyone has a story to tell and we're focused on your objective.

2. 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 folder or envelope, you can cut down on time spent searching for things we may need. We might not always require everything you see on the checklist, but it's always best to have it ready if needed. Thanks to modern electronic underwriting, we don't require as much documentation for certains loans as we used to.

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. Here's a useful tip; if you've had more than one employer in the most recent 24 months, try to have complete names, addresses, beginning and ending dates for each employer. In practically all cases, a 24-month employment history must be listed and verified on your application.

3. Respond promptly to requests for additional information. During processing, it's not uncommon for the lender considering your loan to request additional information. Don't be alarmed and remember that we will work to complete your loan with as little "paperwork" as we can. However, should we need additional information, it helps to provide it as soon as you get the request.

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.