How can I get my loan faster?

By
Mortgage and Lending with FHA, VA, Jumbo, Downpayment Assistance, Conv. NMLS #276329

 

Let’s make this easier for you. Here are some answers to the questions we’re often asked by topic.

 

  1. Have everything ready and in one place. Our helpful Mortgage Application Checklist shares a list of things you might need in support of your mortgage application. If you get them 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 cut down on your own anxiety and confusion.

 

  1. 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 the loan approved. In 100 percent of cases, it makes it harder to secure financing because of the questions that are raised.

 

  1. Respond promptly to requests for additional information. During the loan process, a review of your documentation may require that additional information is needed. Provide it as soon as you get the request, or return the call as soon as you get the message.

 

  1. Be prepared to explain derogatory items in your credit report. This is really part of the number 3 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.

 

  1. 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 homeowner to make an appointment. If you’re refinancing and the appraiser calls to make an appointment, make it as soon as it's convenient for both of you.

 

Source: https://fhmtg.com/  

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#Firsttimehomebuyer
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#Downpaymentassistance
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Lisa Perry, Senior Loan Officer

"Your Northern VA Mortgage Specialist"

540-273-2733

NMLS ID #86548 / 276329

Email:  LPerry@fhmtg.com

Apply on line:  LisaPerrryLoans.com

 

 

 

 

 

 Proudly Serving Washington DC, Virginia & Maryland

Comments (3)

Carol Culkin
Diamond Partners Inc - Overland Park, KS
Overland Park Residential Real Estate

Great points made! The loan process can go quicker and smoother when the buyer is well prepared, prompt to respond and detailed. Thanks for the info. 

Aug 06, 2020 03:56 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I hope you are enjoying a very productive summer.

Have an outstanding August.

Aug 11, 2020 04:13 AM
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great information.  Thanks for sharing and have a wonderful day!

Oct 08, 2020 07:02 AM