Five Ways To Speed Up The Loan Process

When applying for a mortgage, it can feel like the process takes a lifetime. From filling out the application to waiting for the appraisal, there are many things that can delay getting you to that finish line. Working with us is the first step in making the mortgage loan process go quick and smooth. When you let us help you find the loan that's right for you, you are truly taking advantage of some of the area's best technology and knowledgeable loan officers to get you a loan decision and funding on your loan quickly.

Here are five other ways that you can speed up the mortgage loan process when purchasing a home.

1.       Have everything ready and in one place.

When you go to apply for your mortgage loan, make sure that you have all of your documents ready and in one place. By having all of your documents handy, you can cut down on time spent searching for an item that we may need. Being organized will also cut down on your anxiety and confusion when the time comes to find your tax return from two years ago.

2.       Be honest and complete when you fill out your application.

Exaggerating or omitting important information on your application such as employment or residence history is not going to help you in the long run. When we deep dive into your credit worthiness, we will uncover the information and in 100 percent of the cases, it just makes the loan process harder on both of us, and take longer.

3.       Respond promptly to requests for additional information.

During the process, it is likely that we will ask you for additional information. Make sure you are checking your email regularly and provide us with the information as soon as you get the request. Stay on top of answering your phone or responding to text messages that you may be receiving about the loan as well.

4.       Be prepared to explain derogatory items in your credit report.

Life happens, and there might have been times in the past that you just couldn’t keep up with your bills. If you had an illness or a divorce where you missed or made late payments, or you have other delinquencies on your credit report, be prepared to explain them. Be honest, we aren’t here to judge you, we are just trying to fill in all the blanks for our paperwork.

5.       Let the appraiser in!

The appraisal is one of the lengthiest parts of the mortgage loan process. Make sure that you are flexible when it comes to scheduling the appraisal. If you can, take the next available appointment and be there to let them in. After the appraiser completes the walk-through it still takes them a few days to finish the report, so the quicker you can get this checked off the list, the better.

Remember that the home loan process doesn’t have to be complicated. The Bryte Home Loans team will walk with you, all the way home.