Here are are six easy ways you can speed up the process of obtaining a mortgage:
1. Check your credit report ahead of time if you can. You will find a link to the federally mandated website the three major credit bureaus are required to maintain to provide you with a free copy of your credit reports.
2. Find out from your lender ahead of time what documents you will need and be sure to have them ready and all together in one place. Keep everything in one folder and you can cut down on time spent searching around for things the lender may need. This will help avoid anxiety and confusion and speed up your application appointment.
3. Be absolutely honest and answer the questions on your mortgage application completely . Failing to be forthright about your employment or residence history, or omitting credit accounts you don't wish to have considered doesn't increase your chances of getting approved for your mortgage. In every case, these things are double checked and it only makes the process harder, and causes processing delays.
4. Respond quickly to any requests for additional information. During processing, the lender considering your loan will often need additional information or clarification. Provide it as soon as you get the request, or return the call as soon as you get the message.
5. Be prepared to explain the derogatory items on your credit report. This is an extension of numbers 1 and 2 above. If you had an illness or a divorce or a death in the family where you missed or made late payments, or you have other instances of late payments or delinquencies on your credit report, have an explanation ready. Be honest, and don't be nervous! The loan processor isn't judging you, they're trying to get as complete a picture as possible to give your loan the best chances for approval.
6. Don't avoid the appraiser's calls. Getting the appraisal completed is usually lengthiest part of the mortgage loan process. Time after time, the single biggest delay is the appraiser's inability to reach the homeowner to set an appointment to get into the home. If you're refinancing and the appraiser calls to make an appointment, arrange the time as soon as it is convenient for both of you. The appraiser doesn't want to buy your house. He or she will appraise the house as if it is clean and tidy and in reasonable repair, even if you have some dirty laundry lying around or dishes in the sink. Cleaning doesn't raise your home's value! Giving the appraiser access as soon as possible will make your loan process move faster, though.
You can get a free copy of your credit report at http://www.annualcreditreport.com
Carl Pruitt is a 21 year veteran of the mortgage/real estate industries. He helps first time homebuyers with credit problems get into a home with no money down and low rates. Free mortgage reports and advice are available at http://24hourmortgageinfo.com
