1. Have everything ready and in one place. You will find a list of things you might need in support of your mortgage application here. If you get these documents 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 will 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 would rather not have considered does not increase your chances of getting a favorable loan. In 100 percent of cases, it makes it harder and takes longer.
3. Respond promptly to requests for additional information. During processing, we may need additional information. Please provide it as soon as you get the request or return the call as soon as you get the message in order to ensure accelerated processing.
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 do not be nervous! The loan processor is not judging you, they are 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 are refinancing and the appraiser calls to make an appointment, make it as soon as convenient for both of you.