Five ways to make the loan process go faster - Consumer Research Mortgage, LLC

Five ways to make the loan process go faster. We should say that "working with us" is the first way! When you allow us to help you find the loan that's right for you and share our inside knowledge and experience, you truly are taking advantage of some of the area's best technology and expertise.

Here are five "other" ways you can speed up your mortgage loan process:

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 pouch or folder, you can cut down on time looking for requested items. Some examples may be your most recent 30-day-consecutive pay-stubs, most recent 2-year W-2's, most recent 2-month's bank statements or quarterly IRA, Stock, or 401K report(s). In some cases, you may not even need these items (depending on your level of approval)!

2. Be honest and complete when you fill out your application. The more accurate you are able to be on your loan application; the more accurate your loan approval will be. In most cases, your approval is based on an "Automated Underwriting Decision". This means we will export your loan application directly to Freddie Mac's or Fannie Mae's "Automated Underwriting System" (AUS). Once an approval has been granted, all we do at this point is clear any outstanding conditions warranted by the "Feedback Certificate". In summation, the more accurate you are able to be on your loan application; the sooner we can close your mortgage loan!

3. Respond promptly to requests for additional information. While you are completing your loan application online, sometimes certain items may be left off in error or by mistake...it's ok, mistakes happen. During processing, we will contact you to review the accuracy of your loan application. Try to provide this information 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. If you had an illness, job gaps, or a divorce where you missed or made late payments on certain liabilities, 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! Your loan processor isn't judging you; they're trying to fill in all the blanks in their paperwork. Each application has a "Story Line" that we must provide to our underwriter who essentially approves your loan.

5. Let the appraiser in! The appraisal is one of the lengthiest parts of the mortgage loan process outside of the title search. 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 or selling your home and the appraiser calls to make an appointment, make the appointment as soon as possible in order to shorten this time period.

Remember that the appraiser doesn't want to buy your house. The appraiser will give their opinion of what your house or the one your are purchasing is valued at based upon square footage, what items are included with your home (like a detached garage or swimming pool), acreage the home is on, the material(s) that make up your house (brick or vinyl), the location, age of the house, and updates to the house, and similar homes that sold within the last 12 months. An appraiser's job is tedious. Teamwork during your mortgage loan transaction translates into a smoother process and a quicker closing date!

10 Steps of Processing from Front to Back:

(1) Complete a loan application (online or on the phone with us), (2) Sign the required "up-front" forms that allows us to process your application, (3) We pull down your credit profile and import your liabilities, (4) We run your file through the AUS, (5) Clear all conditions listed on the feedback certificate or underwriting approval list, (6) Order the appraisal, (7) Order the title-work from your chosen attorney, (8) Order your homeowner's insurance from your chosen insurance company or agent, (9) Make all final adjustments to your loan application for accuracy at closing ---- (10) You attend the closing!