JENNY'S TIPS: How to Get Your Loan Faster

Five ways to make the loan process go 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.  

You'll find a list of things you might need in support of your mortgage application by clicking here.  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.  Provide it as soon as you get the request, or return the call as soon as you get the message.

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! The loan processor isn't judging you, they're 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 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.

DEAR JENNY: What documents are required from me to submit a mortgage loan application?

Here is a list of the information required to consider your loan application.

For all loans

• Social Security Number, for borrower and co-borrower if any
• Employment History: For the last two years, employment dates, addresses, and salary. Current pay stubs or W-2 forms.
• Check and Savings Accounts and Certificates of Deposit: Location of bank accounts, account numbers, and balances; address of bank if out of town; last 3 months' statements.
• Stocks, Bonds, and Investment Accounts: Broker's name and address, description of stocks, bonds, etc. Last 3 months' statements or copies of stock certificates.
• Life Insurance Policies: Insurance company, policy number, face amount, cash value, if any.
• Retirement Plan: Approximate vested interest value. Copy of latest statement.
• Automobiles:Make and model of automobiles, their resale value.
• Other Assets: Market value of personal and household property.
• Liabilities and Other Non-Mortgage Debt: Creditors names, addresses, account numbers. Monthly payments and balances.

Other income information we may need

• If you're self-employed: Two years tax returns, profit and loss statements, both company and personal, if separate. Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA.
• If you have income from: Commission, Overtime, Bonus, Partnership, Rental Property, Trust, Notes Receivable, Interest/Dividends, you'll need two years' personal federal tax returns.
• If employed in family business: Personal federal income tax returns and all schedules for the past two years.
• If divorced or separated: Complete executed divorce decree and settlement agreement. Payment history of alimony/child support over the past 12 months, if it is a financial obligation. If you choose to have this be considered as part of your income (you don't have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits.

If you own real estate

• Name and address of all mortgage lenders for the past 24 months, including account numbers, monthly payments, and balances.
• If you've sold your home but not closed: A copy of the sales contract.
• If you've sold your home, closed, and you will use the proceeds for your new down payment: A copy of the HUD-1 Uniform Settlement Statement.

If you rent

• Name, address and phone number of landlords for the past 24 months.

If you're buying a home

• Purchase sales contract or offer to purchase and all addenda. Furnish contract with original signatures of buyer and seller.
• If a source of your down payment is a gift: Name, address and relationship of donor. Gift funds will be verified in both the donor and recipient's accounts. Note: Not all loan programs allow gifts to be part of your down payment.
• For Construction/Perm Loan: Signed construction with cost breakdown, builder plan and specifications.