Speed Up The Mortgage Process

Once complete, your application will be given to a processor in the mortgage company who will organize your paperwork and may verify your employment, bank balances, and other information. Be sure to respond promptly to requests for information while processing is taking place.

Another part of the mortgage process that can be time consuming is the appraisal. Once the appraisal has been ordered by your mortgage broker or their processor, the appraiser will contact you to make an appointment. The faster you respond to the call from the appraiser and the earlier you can set the appointment the faster the process will go.

It is important to always answer the phone or respond promtly when somebody is calling in connection with your new loan. They may only have to ask a simple question, but the process could be held up until they get the answer.

To speed up the mortgage process it helps for a client to be prepared. Do not pack up all of your financial documents when you are getting ready to move to a new home. Believe it or not this happens many times and important documents that may be requested have been packed up already and can't be found. So therefore, be prepared have all of your income documents, mortgage related documents, bankruptcy papers (if applicable), divorce papers (if applicable), proof of collections or debts being paid, etc.... in one spot that is easily accessible in case anything is needed by your mortgage professional.

One of the most important things you can do is to get your mortgage broker the items they request as soon as possible. Sometimes waiting even one day can make or break meeting a closing date. Remember you and your mortgage broker are a team working for the same end result.

Your loan will take plenty of time to close as is, that is why it is so important for you to do everything possible to speed up the process. If you are purchasing a new home, your loan will fund on the same day. If you are refinancing, you need to remmeber that there is a 3 day right of recission period. This makes the loan process a little longer, but is in place to protect you in case you decide that the new loan is of little or no benefit to you.

When an underwiter requests more information, your loan application will usually just sit until that information is received.
It is important to get that requested item to your mortgage professional or processor as soon as possible. Sometimes busy underwriters will only check their fax machine once a day.
So if a document is requested on Monday and it is not on the fax machine when the underwriter checks at 8:00am Tuesday, your application will sit until they check again Wednesday morning.
Two days can be lost waiting for 1 piece of paper.

» DISCLAIMER: The information contained in this article on 'Speed Up The Mortgage Process' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.