|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. The most common delay in getting to the closing table is lost documentation! Please know that if we ask you for documentation there is a reason and we cant proceed without it. Once we have the documentation, it takes time for the review process to be completed. So, the faster we can provide documentation, the faster your loan will close! |
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 takes longer. Typically, we can address any items you feel like are less than favorable, and avoid any problems. However, if we find something unfavorable throughout the process, it becomes more difficult to explain. Remember that your loan professional is always on your side and wants to help you as much as possible. So talk about anything that you might be concerned about and get clarification from the beginning. This will also give you peace of mind and eliminate any extra and unnecessary worrying for you!
|3. 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 and that it is in reasonable repair. So even if you have some dirty laundry on the laundry room floor or dirty dishes in the sink, don't worry! Cleaning doesn't get you a higher appraisal! Letting the appraiser in as soon as possible gets you a loan faster, though.