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Five ways to make the loan process go faster
Choosing me to be your loan consultant is the first way! I have nearly 14 years of experience as a mortgage broker. During this time period, I have developed valued relationships with appraisers, lender sales reps, real estate agents and title officers. These relationships often work to your benefit when it comes to shaving time off of each of the processes involved in obtaining your loan. Additionally, I have access to the latest technology and pre-approval software, so once you have provided me with the necessary information, I can, in most instances, obtain pre-approvals nearly instantly.
Here are five additional ways you can speed up the process:
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1. Have everything ready and in one place. Elsewhere on this website, you'll find a list of things you might need in support of your mortgage application. If you get these items 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 reduce your own anxiety and confusion. If you are thinking about getting pre-approved in the near future, I suggest you obtain a file folder much like the one you see to the right. When your bank and credit card statements arrive in the mail or are emailed to you, pop them into the folder. Do the same thing with your pay stubs from work. Now is a good time to look for your W2s and tax returns, too. Having everything in one place is a real time saver, and when we meet, you can bring the originals and I will make copies for you; or, you can send me the originals (or copies), and I will return them to you once I have made copies. |
2. Complete the application together. One way that I have discovered to complete the loan application more quickly is to do it together, either over the phone, or in person. I am very familiar with the forms and the information required. If you have done your homework and have collected the necessary documents (listed elsewhere on this website), then it usually only takes about 15 minutes to complete the loan application. Please be aware that "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 all cases, it makes it more difficult, and takes longer. And also remember that almost every borrower has some issue that may complicate the process, but these seldom make it impossible to obtain financing.
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| 3. Respond promptly to requests for additional information. During processing, First Priority Financial 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 don't be nervous! The loan processor isn't judging you, they're trying to fill in all the blanks in their paperwork. We can work together to construct the most concise explanation.
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| 5. Let the appraiser in! The appraisal can be one of the lengthiest parts of the mortgage loan process. Unfettered access to the property you are purchasing or refinancing will really speed up the process. Studies have shown that the single biggest factor in appraisal "lag time" is the appraiser's inability to reach someone 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. If you are purchasing, I will work with your real estate agent to be sure access isn't an issue. |
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