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 rooting around for things 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 asset accounts you'd rather not have considered doesn't increase your chances of getting a favorable loan. In 100 percent of cases, it makes it harder, and take longer. |
|3. Respond promptly to requests for information. During processing, we or the lender considering your loan will request information. Provide it as soon as you get the request, or return the call as soon as you get the message. |
|4. Get Your Homeowners Insurance Established. Prior to closing on your purchase we are going to have to an insurance binder proving that you have obtained insurance coverage for the house. Do not wait until the day before closing to shop for it. It is very helpful if you have this taken care of a week before we close.|
|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. |