Norman Mortgage News

Get Your Loan Faster!

June 29th, 2020 9:47 AM by Don Spears

Five ways to make the loan process go faster

We should say that "working with us" is the first way! When you let us help you find the perfect loan, you are getting the best expertise in the Norman area! With that comes an easy and speedy loan process.

But here are five other ways you can speed up the process of getting a mortgage loan:

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 spent searching for things we may need.

2. Be honest and thorough 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 a favorable loan. In fact, it always leads to the process being more difficult, and taking longer.

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. 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 just trying to fill in all the blanks in their paperwork.

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 reach the homeowner to make an appointment. If you're refinancing and 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 laundry on the laundry room floor or dirty dishes in the sink. Cleaning doesn't get you a higher appraisal! Letting the appraiser in as soon as possible gets you a loan faster, though.

Posted by Don Spears on June 29th, 2020 9:47 AM

Norman Mortgage News

Get Your Loan Faster!

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