Ways to Make the Loan Process Easier & Faster

We should say that "working with us" is the first 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. Elsewhere on our website, you'll find a list of things you might need in support of your mortgage application (Click Here for Loan Checklist). 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. "Fudging" 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, and take longer.

3. Respond promptly to requests for additional information. During processing, we or the lender considering your loan may need additional information. This is very common. Provide it as soon as you get the request, or return the call as soon as you get the message. Also it's a good idea to check your email frequently. We find it easier sometimes to email a list of items needed, instead of giving the list verbally over the phone. Through email, we can provide the specifics on what is needed, and customers can use the email as a checklist they can reference back to, if needed. 

4. Be prepared to explain derogatory items in your credit report and any credit inquiries in the last 120 days. 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. Remember, we work for you. We want your loan to close as much as you do, and will do what we can to help! Also keep in mind, that we will most likely need explanations for any recent credit inquiries that show on the credit report within the last 120 days.

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 convenient for both of you.
And remember that the appraiser doesn't want to buy your house. He or she will say what the house is worth clean and tidy and in reasonable repair, even if you have some dirty laundry on the laundry room floor or dirty dishes in the sink. Cleaning doesn't get you a higher appraisal! Letting the appraiser in as soon as possible gets you a loan faster, though.

Some additional tips to make the loan process go smoother:

  • Sending Documents - If you don't have access to a scanner, you can use your cell phone's camera to take pictures of documents we may need. One important thing to note about sending pictures of documents; always send them in the highest resolution (i.e. On an iPhone you can choose to send them in "Actual Size"). A lot of times customers will send over multiple images at a time, which is perfectly fine, but they will select the lowest resolution. When we then go to open the images, we can't read any of the information on them, and have to go back and ask that they re-send them on higher resolution. 
    • There are also a bunch of free scanner apps available that you can download to your phone, that uses your phone's camera to take pictures of documents and converts them to clear PDF files you can then send to us. Search "Scanner" in the app store. 
  • Send All Pages!! - If a document, such as a bank statement or paystub says "Page 1 of 5" somewhere on it, be sure to send all 5 pages, even if they are blank. One of the 1st things underwriters do when reviewing documents, is to make sure there are no missing pages. They will not be able to use a bank statement, if pages are missing.

Contact us today for more info 407-834-3377 or info@contemporarymortgage.com

Contemporary Mortgage Services, Inc

498 Palm Springs Dr Suite 220
Altamonte Springs, FL 32701