Help Speed Up Your Approval
Five Ways to Speed up the Loan Process
Working with Residential Mortgage Corp is the best way! When you let us help you find the loan that's right for you, you truly are taking advantage of some of the area's best technology and expertise to get you a loan decision and funding on your loan quickly.
But here are five "other" ways you can speed up the process of getting a mortgage loan:
1. Have everything ready and in one place. Listen to your loan officer when they give you your “homework” list of items we will need. If you get them all together and keep them in a safe, portable place like a special pouch or folder, you can cut down on time spent rooting around for things we may need. Also, you'll help cut down on your own anxiety and confusion.
2. Be honest and complete when you fill out your application. Being untruthful or vague about your employment or residence history - or omitting open credit accounts you'd rather not have considered - doesn’t increase your chances of getting a favorable loan. In 100 percent of cases, it makes it harder, takes longer and could cause a denial late in the loan process.
3. Respond promptly to requests for additional documentation. During processing, we may need more items based on information received. Provide it as soon as you get the request, or respond to the processor as soon as you get the email or phone call.
4. Be prepared to explain derogatory items in your credit report. This is really part of number 2 above. 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 processor isn't judging you, they're trying to fill in all the blanks in their paperwork.
5. Don’t get frustrated or upset if we ask you for more paperwork during the process. The lending team may find items in your file or information that requires further explanation or proof. We are here to make sure we have everything in your file to have an approvable loan, and sometimes we need to further explore things.
And remember – the quicker you respond to the loan officer or processor, the quicker we can send your file to final underwriting so you can rest easy that your closing package will be coming soon after and in time to meet your desired closing date.