Yes you can do your loan application online but....

By
Real Estate Broker/Owner with Gwen Fowler Real Estate, Inc 10307

Yes you can do your loan application online but that does not mean your loan will move along as you think it should.

  1. When you do the application, make sure you fill out all the details in all the sections they require.
  2. When you send over the tax forms for the past 2 years, make sure you sign the copies before you mail them.  When you file tax returns online you do not sign on the form and this is one way the lenders are stalling the process.
  3. Make sure you open an account at the credit union or bank if this is a requirement for the loan.  They will not remind you, the processor will just put your file aside till you do this ...making your loan a very slow process.
  4. You must send a copy of your driver's license and one other id...passport, social security card or medicare card, for each borrower...you know the drill.  Banks are now required to verify you are not on any of the federal lists.  2 id's  are required.
  5. And the biggest delay tactic I am seeing is that you have to tell them you want to pay for an appraisal. In the old days you would pay for the appraisal and credit report when you did the application. Now they are online and your file is set aside till you send over the required fees.

If you do everything in the first 5 days of contract, your closing will be in about 45 days or less. If you leave out a step, then your closing will be delayed by the number of days your file sat on someone's desk.

Posted by

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Gwen Fowler-Brown

Gwen Fowler Real Estate, Inc
317 South Highway 11
West Union SC 29696
Serving Oconee County, from the banks of the Chattooga River to the shores of Jocassee, Hartwell & Keowee Lakes.

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Contact me about property in Oconee County, Seneca, Walhalla, Westminster, Long Creek, Salem, Mountain Rest, Richland, Sunset and Six Mile, SC.  2nd homes are our expertise. 

The best number to reach me at is 1-800-248-8950.

View our listings at www.CoolMountainEscapes.com

Gwen Fowler Real Estate, reasons for going to work each dayBlue Ridge MountainsOC Spot Monday Holstein

 

 

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