First thing to remember is that mortgage professionals want you to close on time. They are on your side, part of your team and have the same goal. It is best to keep this maze in mind as you travel through the process.There is a lot of processes from application to closing. Just remember that all these processes take time. Every day and turn matters. There are right paths to choose. Here are 10 ways to ensure that you stay on the path to avoid a delay in closing.
10. Appraisal comes in with no issues (low value or requirement of additional documents)- If not, it could cause for some restructuring of the file. Make sure that your lender is aware of any changes to the sales price.
9. Check your email regularly- Most communication and documentation is sent via email. Several days are lost if you are sent documentation and it doesn't get returned immediately. There are several people involved in your file at once so it is easier to tag everyone through email;
8.Know who you are going to use for homeowner's insurance and attorney at the time of application- The amount of taxes and insurance effect your monthly payment. Underwriting cannot clear a file without knowing all the facts. Attorney has to send off for title and that can take at least 5 business days.
7.Think of everything in 3 days- Underwriting usually has at least 3 days to get back to you with a decision. Every piece of documentation has to get collected and reviewed.
6.Get approval conditions back- Just know that your files will have to pass back through the underwriter's hands after approval. Be sure that those approval items are back in the processor's hands in a timely manner. Most of the time final conditions are submitted all at one time. There shouldn't be a delay in time if you get them all in at once.
5. Don't deposit money- Most of the time one of the last items needed is bank statements. This could be because a new one has come out before closing or we are in need of verification of earnest money. If there are any large deposits on the new statements then they will have to be verified too. This is why it is best to not deposit money.
4. Don't pack up all your documentation- Have your most recent statements, tax returns and everything in a folder. Don't lose this folder in the mix of all those moving boxes. I have heard way too many times that documentation has been packed away.
3. Don't make any last minute changes- loan amount, down payment etc.. This will only require the file to have to be reviewed again by underwriting. This opens the door for additional documentation to be requested.
2. Don't slack on initial documentation. -Follow the loan officer's instructions and make sure that all the document is correctly submitted the first time. If you need a reminder of things to be mindful before submission then flip back to my article on February 20th- Looking towards Homebuying (http://mortgageprospect.blogspot.com/2010/02/looking-towards-homebuying.html)
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