Education Center
Morgan Express
Ways to Make the Loan Process Speed Up
Filling out the loan application is the very first step in obtaining your home loan. Be honest and complete when you fill out the application. Omitting information from the application not only slows down the lending process, but also will not increase your chances of getting a favorable loan. The more information your Mortgage Professional has, the better they can assist you.
Gathering documentation can be a daunting task if you do not have everything in one place or shredded last months bank statement. Taking the time to find all of the items may take a day or two, but once you have located all of the items keep everything together in a safe, portable place like a folder, to cut down on time spent rummaging around for items we may need. Also, having all items organized will help cut down on your own anxiety or confusion.
Every borrower is different and at times Morgan Financial or the lender may need additional information. Respond promptly to requests, as your loan will often be delayed until all information is provided.
Be prepared to explain any derogatory items in your credit history. If you had an illness or any other instances where you missed or made a late payment, anticipate the need to clarify the issues. Be honest and do not be nervous! The loan processor is not judging you; they are only trying to fill in the blanks.
The appraisal is one of the lengthiest parts of the mortgage process. Studies have shown the single biggest factor in the appraisal “lag time” is the appraisers inability to reach the homeowner to make an appointment. If you are refinancing your current home loan and the appraiser calls to schedule an appointment, please make this a priority.