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5 Ways to Make the Loan Process Go Faster
Working with Residential Mortgage is the first way! When you allow us to find the loan that's right for you, you are taking advantage of the area's best technology and expertise.
Here are 5 additional ways you can speed up the process of getting a mortgage:
| 1. Have everything ready and in one place. Elsewhere on our website, you'll find 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 envelope or folder, you can cut down on the time spent looking for papers or documents 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 prefer not to be considered, doesn't increase your chances of getting a favorable loan. In 100 percent of cases, it makes it harder and take longer.
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| 3. Respond promptly to requests for additional information. During processing, we 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 resulting in missed or late payments, or if 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 get an appointment in a timely manner. When 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 house. He or she will say what the house is worth clean and tidy and in reasonable repair, even if you have some dirty dishes in the sink. Cleaning doesn't get you a higher appraisal, although, letting the appraiser in as soon as possible gets you a loan faster.
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