1. Have everything ready and in one place.
Elsewhere on our website, youll 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, youll 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 youd rather not have considered doesnt increase your chances of getting a favorable loan. In 100 percent of cases, it makes it harder, and takes 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 dont be nervous! The loan processor isnt judging you; theyre 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 appraisers inability to reach the homeowner to make an appointment. If youre refinancing and the appraiser calls to make an appointment, make it as soon as convenient for both of you.
And remember that the appraiser doesnt 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 doesnt get you a higher appraisal! Letting the appraiser in as soon as possible gets you a loan faster, though.
It is highly important to start with a knowledgeable loan officer who has access to quality lenders. If not, it could delay things as well as cause a lot of headaches.
Things are getting better. Many states require loan originators to be licensed which has improved the quality of the process.
To help speed up your loan and make the home loan process go faster you should make sure that you have a photo id. A photo id or drivers license seems like it would be simple enough for most people to have, however you would be surprised at how many people lose their drivers licenses, have their licenses taken away or revoked and never obtain a state id, and how many others simply don't have a photo id. Now, especially with the Patriot Act that was imposed to assist in stopping terrorism, a photo id is required to be checked by the lender to verify a borrowers identity and and then the photo id will be checked again at the closing by the notary in order to legally notarize and verify that you are who you say you are.