How to Get your Loan Quicker!

How to get your loan quicker

Fixed or ARM? Here are five important ways you can speed up the processing of your loan:

1. Have everything ready and in one place. Here is a loan application checklist where you will find a list of things you will need for your mortgage application. If you get them all together and keep them in a safe, portable place like a special envelope or folder, you can cut down on time spent rooting around for things we may need. Also, keeping all of your records in one place will reduce your own anxiety and frustration. If you have been pre-approved to buy a home, continue to keep updated copies of pay stubs and bank account statements while you continue your home search because you will probably need them later on in the loan process.

2. Be honest and complete when you fill out your application. "Fudging" employment or residence history or omitting open credit accounts you'd rather not have considered doesn't increase your chances of getting a loan. In 100 percent of cases, it makes it harder, and will take longer.

3. Respond promptly to requests for additional information. The loan officer’s number one complaint is the borrower who doesn’t follow up when asked for additional documentation. During processing, we or the lender may need additional information. Provide it as soon as you get the request, or return the call as soon as you get the message. Even if you are pre-approved, you will still have to document income, assets and employment history before you can close your loan. Oftentimes, because too much time has passed between pre-approval and when you actually sign your purchase agreement, underwriting regulations require that many items must be fully documented a second time.

4. Be prepared to explain derogatory items in your credit report. If you had an illness or a divorce that caused you to miss or make late payments, or if 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 processors aren't judging you, they're simply trying to fill in all the blanks in their paperwork.

5. Let the appraiser in! The appraisal is one of the most time consuming parts of the mortgage 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 are 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 when it’s 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 appraised value! Letting the appraiser in as soon as possible does get you a loan faster, though.

Name That Value

	Speeding Up the Loan Process