Five ways to make the loan process go faster - Union National Mortgage, Elyria, OH

It's never to early to start the loan process. 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.

Five ways to make the loan process go faster

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. There is a Loan Application Check-list on our website, you'll find a list of things you might need in support of your mortgage application. 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.

Getting Started:
1. Pay stubs covering the most recent 30 days

2. Two (2) Years Income: W-2's/Tax Returns.

3. Two Months Asset Statements
(i.e. checking;saving money market; C.D; stock evidence).

4. Twelve (12) months canceled ten/mortgage payments and list of other debts.

5. Items of legal record
(i.e. divorce and/or separation; bankruptcy papers; trustee documents).

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, Union National Mortgage or the lender considering your loan may need additional information. Please provide it as soon as you get the request, or return the call as soon as you get a call from our processor.

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! Our loan processor is at work for you too, 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 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 and is in reasonable repair. Don't let some dirty laundry on the laundry room floor or dirty dishes in the sink be your reasoning for not making the appointment. Cleaning doesn't get you a higher appraisal, but letting the appraiser in as soon as possible gets you your loan faster!

Call me at your convenience, we will set up a time to go over everything listed above and get you pre-qualified so you can start searching for your new home or refinance your current one!

Your Mortgage Consultant,
Bill DiCapua
(877) 989-2700 ext 201