HOW TO HELP THE MORTGAGE PROCESS

(This article deals with choice of a mortgage lender and expediting the paperwork to accomplish the goal of a mortgage in a timely fashion.)

The selection of your choice for a mortgage is an important one. There are many questions that should be answered prior to paying your non-refundable application fee.

Much depends on the loan "processor" after you have submitted your loan application. The efficiency of the processor and their procedures will heavily depend on the timeliness of your mortgage approval.

The mortgage company has a relationship with an appraisal company to facilitate the requirement for a current appraisal of the home purchase. The delays can be attributed to a delinquent order for an appraisal or the inability of the appraiser to get access to the premises. This is where the sales agent and cooperative agent need to monitor the time sequence to make sure things will move along.

The applicant can also assist the reporting process. When an applicant is a new hire or a transfer from another city, alerting their new personnel department of the verification can speed the system. Often times, the new hire arrives prior to the notification of the new destination's personnel department. Then, the report can "sit" on the desk in the personnel department until the formal notification comes through. Alerting the personnel office can circumvent this delay.
Some lenders will allow the applicant to hand carry the forms for deposit and account verification to their bank. This hand delivery can ensure a quicker response back to the mortgage lender.
Some situations require special paperwork. If the applicant has had a divorce at any time, it may be necessary to submit copies of the decree to the lender. The lender is looking to verify possible monetary obligations imposed by the divorce decree.

If an individual is an independent contractor or owns his own business, copies of his past tax returns will be required. If the buyer has a career that deals with a renewable contract, a copy of this contract may be necessary to satisfy the underwriters' requirements.

Although many applicants complain about the excessive validation and verification of income, obligations, contracts and credit applications, understand that due to the problems the lending industry has suffered, we need to assist the underwriting requirements to effect a solid mortgage approval.

A reputable lender will offer a complete list of requirements at the time of application. However, sometimes after the portfolio has been assembled, there may be a few more information items to make the approval process a sure thing.

This is why it is important that your initial interview process with the lender you choose be a comprehensive one. Asking the right questions before paying your application fee gives you the clear understanding necessary to make the right decision for you.

Be sure you feel comfortable with the commitment to service and integrity level of the lender you select for a smooth mortgage approval.