How Can I Be Prepared? 

Here are five ways you can be prepared for the process of getting a mortgage loan:

  1. Have everything ready and in one place.
    Collect all the important documents you need and keep them in a safe, portable place like a special pouch or folder.
  2. Be honest and thorough when you fill out your application.
    “Fudging” your employment or residence history or omitting some of your credit accounts doesn’t increase your chances of getting a favorable loan. In 100% of cases, it makes it harder, and takes longer. Feel free to discuss any questions or concerns you may have.
  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 possible.
  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 officer isn’t judging you, they’re 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 possible.  Be sure to tell the appraiser about improvements you’ve made to the house.