“The Life of a Mortgage Application”
A very informative blog post by Joe Petrowsky letting you know what goes into the time factor of your mortgage application. Sometimes it can be frustrating to not know exactly how things will pan out with your mortgage application, but this article may help you be able to get a better grasp of the situation.
“The Life of a Mortgage Application”
Every mortgage application has a life of its own. Some live a long time, some not so much. So what makes some transactions take longer than others? We completed a transaction today that took 16 days and we are completing a transaction on Friday that was started in April.
What are the factors that will make the application process take longer?
1) Credit issues
2) Income verification issues
3) Home inspection issues
4) Appraisal issues
5) Not getting all the necessary documentation
6) Some loan types just take longer, like FHA 203 K and HARP loans that have existing MI for example.
What are the factors that will make the application go quicker?
1) Strong credit
2) Strong income and reserves
3) No issues or minor home inspection issues.
4) No issues with the appraisal
5) All necessary supporting documents gotten at time of the application
These lists can be expanded, but it is the responsibility of the loan officer to give good information the borrowers and the straight scoop as to what to expect. The same information needs to be shared with the Realtor(s) involved with the transaction. With good information there is better opportunity for success.
image courtesy of renjith krishnan/freedigitalphotos.net
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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