Get Your Loan Faster!

While there are many factors in how quickly your loan can get approved and ultimately funded, there are a few things you can do to help everything go smoothly. First of all be prepared to respond to requests for additonal information quickly. It is not uncommon for the lender to require additional information during the underwriting process. The quicker you can provide the needed information or documentation, the quicker we can get your loan ready to close!

Do not try to hide anything from your mortgage professional to try to make your financial situation appear better. The underwriter will invariably find out about that problem in your work history, that boat loan that didn't show on your credit report, or the child support you are obligated to pay every month. Often the underwriter or processor finds this information late in the process and your rate will change and your closing will probably be delayed.

Allow the appraiser to come out to your home as quickly as possible. The appraisal of your home is usually one of the lengthiest parts of the loan process. The quicker you can get the appraiser to your home and your appointment with him/her scheduled, the quicker your loan officer will have the appraisal report backk on his/her desk so that they can have the appraisal reviewed by the underwriter to get your loan closed quicker.

You can also ask your loan officer exactly what financial documnets he/she needs from you and should bring it to them within 24 hours of the request. You should also give the loan officer every way to contact you such as phone, cell phone, work number, E-mail and any instant service messenger you may use.

Remember that no matter how fast and smooth the loan process is, there will be a 3 day right of rescission at the end on any refinances. This is done in case you change your mind about the new mortgage, and would like to cancel. The rescission period can not be waived, so do what you can to speed things up while the process is going.

Be sure that you are always answering the phone, especially if you know it's your loan officer. Often they only need to ask a couple questions or have you provide more documentation. If that's the case, the entire process may be held up by your inability to answer when your loan officer tries to reach you.

You should always provide all the documents that your loan officer requests. Any delay on one of the document will hold up the approval process.