Getting In Your Own Way

ninchanese.com

We all want a smooth mortgage process.If you ask around I am sure you will find multiple stories of mortgage processing horrors. There are some doozies out there. I know I hear them. However, there are things you can do to keep what began as a positive experience from turning into a nightmare. So take note-ignore these items at your peril.

1) Discuss loan options with your lender. Do your comparative shopping up front before you find a house. Decide where you want to apply for your loan. Jumping ship with the pressure of the clock running up to a closing date is not recommended. If you exceed the expiration on your contract date there is nothing but the seller's good will that will extend the contract. Think about it-maybe he has a better offer if yours falls through.

2) Don't forget to tell your lender about child support payments, loans not on your credit report, upcoming job changes or litigation that may be occurring. These can affect the outcome of the approval.

3) Give your lender the email address you check most frequently. If you don't use your email-say so. Most lenders communicate using email unless informed not to do so. Many documents are time sensitive and will be emailed unless instructed otherwise.

4) If you take a vacation while your loan is processing leave contact information. Failure to be able to reach you can cause delays.

5) Offer to supply documentation for your file prior to writing an offer. A loan file can't be submitted without all the appropriate financial documentation. We don't ask for documents because we like fat files-we ask for what we need to underwrite the file. You can question what we request-but generally there is no court of appeals. Please keep in mind that a lot of what is needed is federally mandated.

6) The Federal Government requires you to have three days to review your final fees prior to closing. This time table can't be moved up. Be aware that closings can't happen on the fly.

7) Do not change the terms of your contract-such as ask for closing costs after submission or decide to bring more money for the down payment to closing without telling your lender. We won't know if you don't tell us so the changes won't be made to the loan.

8) Tell your lender as soon as you are aware that there is an issue with your whole house inspection or if there isn't. Sometimes the lender, as a courtesy to you, will not order the appraisal until they hear that no deal killers came out of the inspection.

9) Don't anticipate that the appraiser will value your home for more than the sale price. He/she might, but the job is to support the sale price, not give you instant equity.

10) Be sure to get all requested documents while your loan is in process to your lender in a timely manner. Most underwriters and loan processors work on an assembly line type basis. If you miss your turn, you don't get moved to the front when you get your items in. You have to wait until your turn comes around again. So slow response only slows your loan down.
Typically, if we have what we need when we submit the loan file we can close your loan within 30 days. Items we don't control are the appraisal results, title concerns, and how fast you respond. If everyone works together we can deliver a smooth, on time closing.