Loans
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
some of the area's best technology and 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. Have everything ready and in one place. Once you have obtained a list
of the items required for your Residential mortgage or Commercial Mortgage,
get all of your documents 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. |
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 Residential or Commercial loan. In 100 percent of cases, it makes
it harder, and takes longer.
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| *3. Respond promptly to requests for additional information. *During
processing, we may need additional information. Provide it as soon as you
get the request, or return the call as soon as you get the message as it
will help expedite your Residential Mortgage or commercial mortgage 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.
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| *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 property
owner 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 property. He or
she will say what the property is worth clean and tidy and in reasonable
repair. Remember, letting the appraiser in as soon as possible gets you a
loan faster!
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